https://www.taxtmi.com/caselaws?id=13863 A going-concern banking undertaking was treated as a capital asset because the Income-tax Act defines capital asset broadly to include property of wide amplitude. The undertaking was also regarded as a composite unit acquired as a whole, with assets and liabilities vested together and consideration fixed on a lump-sum basis. Capital gains on the slump acquisition were held computable where the constituent costs and dates could be ascertained on evidence, since valuation difficulty alone does not defeat the charge. The assessee could still exercise the statutory fair market value option under section 55(2) until capital gains computation was made. en-us Fri, 27 Apr 2001 00:00:00 +0530 Fri, 03 Jul 2009 13:13:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13863 A going-concern banking undertaking was treated as a capital asset because the Income-tax Act defines capital asset broadly to include property of wide amplitude. The undertaking was also regarded as a composite unit acquired as a whole, with assets and liabilities vested together and consideration fixed on a lump-sum basis. Capital gains on the slump acquisition were held computable where the constituent costs and dates could be ascertained on evidence, since valuation difficulty alone does not defeat the charge. The assessee could still exercise the statutory fair market value option under section 55(2) until capital gains computation was made. Case-Laws Income Tax Fri, 27 Apr 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13863