1993 (8) TMI 45

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....tax Appellate Tribunal, Bombay Bench "E", has referred the following questions for the opinion of this court under section 256(1) of the Income-tax Act, 1961: 1962-63 assessment year : "1. Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the sum of Rs. 12.50 lakhs shown in the sale deed as consideration for goodwill, book debts and other bene....

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....s executed the sale deed dated December 13, 1945. The aggregate consideration of Rs. 20 lakhs fixed for the said transaction was bifurcated under the said sale deed as under : (a) Rs. 5,00,000 towards price of premises; (b) Rs. 2,50,000 towards price of equipment, machinery, plant, furniture and physical assets which were transferred for delivery ; (c) balance of Rs. 12,50,000 towards pri....

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....hree years prior to the date of the sale, the value of goodwill of the said studio sold to the assessee was either "Nil" or inequitable (sic). The assessment proceedings pertaining to Mr. K. M. Mody have become final. In the said proceedings the Income-tax Officer was directed to distribute the said figure of Rs. 12,50,000 amongst various depreciable assets after deducting therefrom the amount of ....

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....the Tribunal as aforesaid is consistent with the view taken in the proceedings pertaining to the vendor. In our opinion, the view taken by the Tribunal is correct. It cannot be disputed that the assessing authorities were entitled to go behind the sale deed and arrive at appropriate findings regarding the value of the assets in question and the allocation of Rs. 12,50,000 in the sale deed as price....