https://www.taxtmi.com/caselaws?id=268744 The High Court of Karnataka upheld the Tribunal's decision that the payment received for the transfer of the trademark by the assessee did not attract capital gains tax. The Court emphasized the importance of disclosure through banking channels, noting that the amount was part of cash and bank balances, indicating proper disclosure. Additionally, the Court ruled in favor of the assessee regarding the invocation of Block assessment provisions for the payment received before a search was conducted, as the amount was disclosed in the return filed almost a year before the search. The appeal was dismissed without costs. en-us Mon, 16 Nov 2015 00:00:00 +0530 Tue, 01 Dec 2015 00:56:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=268744 The High Court of Karnataka upheld the Tribunal's decision that the payment received for the transfer of the trademark by the assessee did not attract capital gains tax. The Court emphasized the importance of disclosure through banking channels, noting that the amount was part of cash and bank balances, indicating proper disclosure. Additionally, the Court ruled in favor of the assessee regarding the invocation of Block assessment provisions for the payment received before a search was conducted, as the amount was disclosed in the return filed almost a year before the search. The appeal was dismissed without costs. Case-Laws Income Tax Mon, 16 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=268744