https://www.taxtmi.com/caselaws?id=27301 A business undertaking transferred as a going concern falls within the wide definition of "capital asset" under section 2(14) of the Income-tax Act, 1961, because it comprises property, rights, liabilities and organisational incidents of ownership; capital gains can therefore arise on its transfer. Where the undertaking is acquired for a lump sum, however, the consideration cannot be reliably dissected into separate prices for individual assets, exempt assets or goodwill on a speculative basis. The compensation must be treated as consideration for the undertaking as a whole, and no item-wise apportionment is justified. en-us Fri, 01 Mar 1985 00:00:00 +0530 Thu, 30 Oct 2025 15:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27301 A business undertaking transferred as a going concern falls within the wide definition of "capital asset" under section 2(14) of the Income-tax Act, 1961, because it comprises property, rights, liabilities and organisational incidents of ownership; capital gains can therefore arise on its transfer. Where the undertaking is acquired for a lump sum, however, the consideration cannot be reliably dissected into separate prices for individual assets, exempt assets or goodwill on a speculative basis. The compensation must be treated as consideration for the undertaking as a whole, and no item-wise apportionment is justified. Case-Laws Income Tax Fri, 01 Mar 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27301