1989 (9) TMI 62

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....n of law referred to us by the Tribunal at the instance of the Department in this reference is "Whether, on the facts and in the circumstances of the case, the sum of Rs. 3,66,048, as determined by the income-tax authorities, is liable to be assessed in the hands of the assessee-firm under the first proviso to section 12B(2) ?" It is common ground that the assessee, a registered firm, conver....

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....He estimated the fair market value of the assessee's goodwill on the date of the transfer at Rs. 5,68,098. He also estimated the value of the assessee's goodwill as on January 1, 1954, at Rs. 2,02,050. He treated the difference between the two estimated values, i.e., Rs. 3,66,048, as the assessee's income under the head "Capital gains". The Appellate Assistant Commissioner upheld the addition. In ....

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....ged before it could be canvassed before the High Court. He pointed out that though the Tribunal had decided the issue only on one ground and had rejected the assessee's miscellaneous application by order dated July 31, 1975, the assessee's contention that it had raised several contentions and the appeal was decided considering only one of the contentions, was noted by the Tribunal in its order. Th....