1998 (9) TMI 22

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....ror who retains the right to use the name under which he was trading and licenses the right to use that name by others, when he effects sale of the business carried on by him in some parts of the country to two private limited companies, transfer by him and, therefore, the consideration obtained for such sale is only in the nature of the licence fee The assessee who was carrying on business in ....

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....d them as income in the hands of the assessee and accordingly assessed the income. In appeal, the Appellate Assistant Commissioner agreed with the Income-tax Officer. On further appeal, after a reference to the third Member, in view of the difference of opinion between the two members, the third Member has held in favour of the assessee. The terms of the agreement have been set out in the order....