https://www.taxtmi.com/caselaws?id=28522 Where trading assets are taken over as part of a going concern at the same values shown in the predecessor's books, the difference between those values and the consideration paid was treated as a capital receipt, not revenue profit. The court noted that there was no finding of any inflation of trading assets, and that the surplus on transfer of the banking business was credited to capital reserve and share premium rather than arising from trading operations. On that basis, the excess did not constitute income derived from trading activity and was not assessable to income-tax as revenue profit. en-us Sat, 03 May 1980 00:00:00 +0530 Tue, 23 Feb 2010 12:52:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28522 Where trading assets are taken over as part of a going concern at the same values shown in the predecessor's books, the difference between those values and the consideration paid was treated as a capital receipt, not revenue profit. The court noted that there was no finding of any inflation of trading assets, and that the surplus on transfer of the banking business was credited to capital reserve and share premium rather than arising from trading operations. On that basis, the excess did not constitute income derived from trading activity and was not assessable to income-tax as revenue profit. Case-Laws Income Tax Sat, 03 May 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28522