https://www.taxtmi.com/caselaws?id=271190 The Tribunal held that the Rs. 1 crore received by the assessee on transferring the trademark was a capital receipt not taxable under section 45 read with section 55(2) of the Income Tax Act. The penalty imposed under section 271(1)(c) was deleted by the CIT(A) and upheld by the Tribunal, as there were no grounds for levying the penalty. The appeal of the assessee was partly allowed, and the Revenue's appeals were dismissed. en-us Fri, 30 Oct 2015 00:00:00 +0530 Fri, 29 Jan 2016 01:04:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=271190 The Tribunal held that the Rs. 1 crore received by the assessee on transferring the trademark was a capital receipt not taxable under section 45 read with section 55(2) of the Income Tax Act. The penalty imposed under section 271(1)(c) was deleted by the CIT(A) and upheld by the Tribunal, as there were no grounds for levying the penalty. The appeal of the assessee was partly allowed, and the Revenue's appeals were dismissed. Case-Laws Income Tax Fri, 30 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=271190