https://www.taxtmi.com/caselaws?id=35613 Surpluses recorded in an amalgamation account, where a transferee-company acquires assets and liabilities at values below the assets taken over, are not taxable as revenue receipts or revenue gains merely because they appear as a balancing figure. The article states that no income accrues simply from obtaining a going concern or assets at a concessional value, and that profit cannot be inferred without a realisation event. On the facts discussed, the surplus was treated as either a saving on acquisition or a remission of part of a debt, neither of which constituted taxable revenue income in these references. en-us Fri, 01 Aug 1980 00:00:00 +0530 Mon, 15 Mar 2010 15:47:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35613 Surpluses recorded in an amalgamation account, where a transferee-company acquires assets and liabilities at values below the assets taken over, are not taxable as revenue receipts or revenue gains merely because they appear as a balancing figure. The article states that no income accrues simply from obtaining a going concern or assets at a concessional value, and that profit cannot be inferred without a realisation event. On the facts discussed, the surplus was treated as either a saving on acquisition or a remission of part of a debt, neither of which constituted taxable revenue income in these references. Case-Laws Income Tax Fri, 01 Aug 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35613