1991 (12) TMI 40

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....ommissioner of Income-tax, Nagpur, under section 256(2) of the Income-tax Act, 1961, for calling upon the Tribunal to state the case and to refer the following questions said to be of law for the opinion of this court : "(1) Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was correct in deleting the addition of Rs. 38,908, made under the provisions of section ....

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....72, had also branches at Raipur and Jabalpur from where a daily (Yugadharma) was published. Those two branches along with all assets and liabilities were sold to two different co-operative societies, respectively, for a sum of Rs. 2,65,179 and Rs. 1,04,454. The assets included buildings, machinery, furniture, fixtures, loans and advances to the staff, stock, security deposit, goodwill, etc., and t....

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.... (LXXVIII-6) of 1965 explaining the said decision and reading thus : "Recently in the case of Mugneeram Bangur and Co. (Land Department) [1965] 56 ITR (Sh. N) 13, the Supreme Court considered the question about the taxability of the surplus amount arising on the sale of a business as a going concern. The decision of the Supreme Court was that where the sale was of the concern as a whole and a s....

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....hat the sales were of the going concerns as a whole for a slump price. It is not possible to accept these submissions. The first submission pertains to a factual aspect. As a matter of pure principle, even a branch of a publishing house like this can have different goodwill which depends upon a host of factors such as popularity, performance, circulation, peculiarities of the region, etc. As re....