https://www.taxtmi.com/caselaws?id=178297 Difference between book value and purchase price on acquisition of a running concern does not constitute revenue profit; instead it reflects a valuation disparity and the fact that assets of a stated book value were acquired for a lesser sum. Apportionment of a composite purchase price between capital and trading assets is permissible to determine cost of trading assets and correct trading profit, but book value excess over price is not automatically taxable as revenue receipt; the substantive character of the transaction governs taxability, and the surplus was held non assessable as revenue. en-us Thu, 19 Sep 1963 00:00:00 +0530 Mon, 01 Feb 2016 18:23:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178297 Difference between book value and purchase price on acquisition of a running concern does not constitute revenue profit; instead it reflects a valuation disparity and the fact that assets of a stated book value were acquired for a lesser sum. Apportionment of a composite purchase price between capital and trading assets is permissible to determine cost of trading assets and correct trading profit, but book value excess over price is not automatically taxable as revenue receipt; the substantive character of the transaction governs taxability, and the surplus was held non assessable as revenue. Case-Laws Income Tax Thu, 19 Sep 1963 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178297