https://www.taxtmi.com/caselaws?id=31364 The SC held that Section 41(2) did not apply and, although Section 45 (capital gains) conceptually applied, the computation provisions could not be satisfied because the lump-sum consideration for the transfer of the banking undertaking could not be item-wise allocated. Consequently the Rs. 10.20 crore was not taxable as capital gains for AY 1970-71 and the impugned judgment was set aside. The court found the sale involved intangibles (goodwill, licence, staffing rights) and lacked the evidentiary basis for apportionment required under the Code. en-us Thu, 06 Nov 2008 00:00:00 +0530 Thu, 06 Nov 2025 17:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=31364 The SC held that Section 41(2) did not apply and, although Section 45 (capital gains) conceptually applied, the computation provisions could not be satisfied because the lump-sum consideration for the transfer of the banking undertaking could not be item-wise allocated. Consequently the Rs. 10.20 crore was not taxable as capital gains for AY 1970-71 and the impugned judgment was set aside. The court found the sale involved intangibles (goodwill, licence, staffing rights) and lacked the evidentiary basis for apportionment required under the Code. Case-Laws Income Tax Thu, 06 Nov 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=31364