https://www.taxtmi.com/caselaws?id=178297 In a composite purchase of a factory as a going concern, the difference between the book value of the acquired assets and the price paid did not, by itself, constitute revenue profit. The revenue's attempt to apportion the composite price between capital and trading assets was aimed at determining the true opening stock and trading profit, but the mere fact that assets were acquired below book value did not create an assessable revenue receipt. The Gujarat HC therefore treated the surplus as non-taxable on the stated facts and held that it was not assessable as revenue profits. 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 In a composite purchase of a factory as a going concern, the difference between the book value of the acquired assets and the price paid did not, by itself, constitute revenue profit. The revenue's attempt to apportion the composite price between capital and trading assets was aimed at determining the true opening stock and trading profit, but the mere fact that assets were acquired below book value did not create an assessable revenue receipt. The Gujarat HC therefore treated the surplus as non-taxable on the stated facts and held that it was not assessable as revenue profits. Case-Laws Income Tax Thu, 19 Sep 1963 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178297