The sale of goodwill in the present case results in generation ...

Goodwill Sale Generates Capital Receipts, Not Covered Under Income Tax Act Section 55(2)(a) for Assessee's Profession.

January 26, 2014

Case Laws Income Tax AT

The sale of goodwill in the present case results in generation of capital receipts in the hands of the assessee out of his profession and as such do not come within the ambit of the provisions of section 55(2)(a) - AT

View Source

← Previous Next →

The sale of goodwill in the present case results in generation ...

Goodwill Sale Generates Capital Receipts, Not Covered Under Income Tax Act Section 55(2)(a) for Assessee's Profession.

January 26, 2014

Case Laws Income Tax AT

You may also like:

Nature of receipt - sales tax remission benefit derived by the assessee - All the judgments cited before us also lay down the same ratio. Even otherwise subsidy is...

Income from sale of carbon credits - Capital receipts vs Revenue receipts - No asset is generated in the course of business but it is generated due to environmental...

Cash credit u/s 68 r.w.s. 115BBE - cash deposit during demonetization period - assessee's failure to maintain books of accounts u/s 44AD. Held that where exemption from...

Offshore unit in Dubai treated as proprietary concern, profits taxable in assessee's hands. AO's addition disallowed based on ITAT's consistent rulings favoring assessee....

The assessee had been following the mercantile system of accounting, wherein book profits are taken for tax assessment, though credit or debit amounts may not be...

Capital gain - Addition u/s 50C - "transfer" u/s. 2(47) - Relevancy of date of sale deed - When section 2(47) of the Act specifically deals with “sale‟ under...

Assessee sold ancestral agricultural property for cash consideration to relatives, agriculturists. Though agricultural land sale proceeds exempt u/s 2(14), assessee bona...

The Commissioner of Income Tax (Appeals) confirmed additions from unsecured loans and capital introduced by the assessee during demonetization. The Assessing Officer...

Income generated on sale of goods generated on trial run - taxable as revenue or not - if the assessee receives any amounts which are inextricably linked with the...

Receipt for relinquishment of right to sue the party - to be treated and taxed as business income OR capital receipts - the impugned compensation amount is not liable to...

Nature of Receipts - AO directed to treat the Proceeds realized from sale of Certified Emission Reduction (CERs) generated out of Capital Projects registered with UNFCCC...

The summary highlights the key difference between the scope of total income under the Income Tax Act and the Black Money (Undisclosed Foreign Income and Assets) and...

Nature of receipt - sales tax subsidy - revenue or capital receipt - The ITAT has committed a manifest error law - The receipts have been shown by the...

The assessee, a shipping company under the Tonnage Tax Scheme, had declared certain incomes like sundry credit balances written back, excess provisions written back,...

Assessee had transferred as per the agreement goodwill to client which AO contested that it cannot be treated as a capital receipt and be treated as a revenue receipt...

Quick Updates: