https://www.taxtmi.com/caselaws?id=264694 The High Court upheld the Tribunal's decision that the Rs. 59 lakhs received was a revenue receipt, not solely for technical know-how transfer. It was found that the technical know-how was not a capital asset, and the transfer occurred in the financial year 1997-98. The amended provisions of section 55 of the Income Tax Act were applied, making the sum chargeable to capital gains tax. The appeal was dismissed in favor of the Revenue, concluding that the transfer was not absolute and the payment encompassed various obligations beyond the transfer of technical know-how. en-us Fri, 11 Sep 2015 00:00:00 +0530 Wed, 30 Sep 2015 11:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=264694 The High Court upheld the Tribunal's decision that the Rs. 59 lakhs received was a revenue receipt, not solely for technical know-how transfer. It was found that the technical know-how was not a capital asset, and the transfer occurred in the financial year 1997-98. The amended provisions of section 55 of the Income Tax Act were applied, making the sum chargeable to capital gains tax. The appeal was dismissed in favor of the Revenue, concluding that the transfer was not absolute and the payment encompassed various obligations beyond the transfer of technical know-how. Case-Laws Income Tax Fri, 11 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=264694