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of <h1>Supreme Court rules leasing rights not 'goods' or 'sale' for tax purposes.</h1> The Supreme Court dismissed civil appeals by the Department for Assessment Year 1994-1995, holding that leasing rights do not qualify as 'goods' and ... Transfer of leasing rights of Films - considered to be 'goods' OR 'sale'? - Held that:- As decided in CIT v. B. Suresh [2009 (3) TMI 4 - SUPREME COURT] Profits are embedded in the 'income' earned. Earning of income depends on sale of goods and services - the word 'sale' would also include 'lease' as indicated in Rule 9A(7) which states that for the purposes of Rule 9A, the 'sale' of the rights of exhibition of feature films would include the 'lease' of such rights. Similarly, under Rule 9B(6), it has been, inter alia, provided that 'sale' of rights of exhibition of a feature film would include the 'lease' of such rights - in favour of assessee. The Supreme Court dismissed civil appeals by the Department concerning Assessment Year 1994-1995. The issue was whether leasing rights can be considered as 'goods' and if transferring such rights would constitute a 'sale'. The court ruled in favor of the assessee based on the case of CIT v. B. Suresh [2009] 313 ITR 149/178 Taxman 457 (SC). No costs were awarded.
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