https://www.taxtmi.com/caselaws?id=277310 The Tribunal upheld the CIT(A)'s decision that surplus assets taken over by the assessee company on amalgamation were not business receipts. It emphasized the distinction between capital and revenue receipts, stating that unless specifically included, capital receipts are not taxable. The Tribunal found that the assets taken over on amalgamation were in the capital field, not income, and dismissed the Revenue's appeal, affirming that the transaction was not an adventure in the nature of trade but a capital account transaction. en-us Mon, 24 Jun 2013 00:00:00 +0530 Sat, 01 Dec 2018 10:39:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277310 The Tribunal upheld the CIT(A)'s decision that surplus assets taken over by the assessee company on amalgamation were not business receipts. It emphasized the distinction between capital and revenue receipts, stating that unless specifically included, capital receipts are not taxable. The Tribunal found that the assets taken over on amalgamation were in the capital field, not income, and dismissed the Revenue's appeal, affirming that the transaction was not an adventure in the nature of trade but a capital account transaction. Case-Laws Income Tax Mon, 24 Jun 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277310