2014 (5) TMI 550

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....as made her submissions in support of the two substantial questions of law proposed in paragraph 5 of the Memorandum of the Appeal. As far as the first substantial question of law relying on the provisions of Section 28 (va) (b) of the Income Tax Act 1961 is that the respondent assessee has received the consideration towards the transfer of motherboards sales and marketing under the brand name of the purchasing company consequent on a joint venture agreement as a capital receipt and not as a revenue receipt. The submission on behalf of the appellant is that the consideration received by the respondent/assessee from M/s. Giga Byte Technology India Ltd. is to be treated as business receipt and not as capital gains as claimed by the respond....

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....nce with the first proviso below Section 28 (va) of the Income Tax Act. Shri Jain, the learned Advocate for the respondent has submitted that the CIT (Appeals) and the ITAT has recorded findings of fact on this issue after examining the terms of Transfer of Business Agreement and the material on record and the provisions of the Income Tax Act. It is submitted that the substantial questions of law as formulated by the appellant in paragraph 5 of the Memorandum of Appeal does not arise for consideration. 4. We have heard the learned Advocate for the respective parties and with their assistance have examined the record and also seen the Transfer of Business Agreement dated 31/8/2007, a copy of which is produced at the time of hearing. ....