TaxTMI 
TaxTMI 
1986 (2) TMI 51
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....mittedly, the value of tangible assets was as under : Value of current assets - 9,81,402 Buildings - 6,48,749 Machinery - 6,25,821  ....
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....Revenue came to be filed against this order of the Appellate Assistant Commissioner that the sums of Rs. 8,67,505 and Rs. 2,01,841 could not be brought to tax. However, the claim for addition of the amount of Rs. 2,01,841 was, not pressed before the Tribunal. The Tribunal was, therefore, concerned only with the nature of the receipt of Rs. 8,67,505. The Tribunal on a consideration of the possibility of the concern yielding profits took the view that after a period of five years, the business would yield approximately a profit of Rs. 30,000 per year to the purchaser which was not very appreciable. The Tribunal, therefore, found that one of the assets transferred was land which would not increase in value over some years in future and look....
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....e as capital gains for the assessment year 1971-72 ? 2. Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that out of the surplus arising in pursuance of transactions emanating from the agreement of sale dated February 2, 1971, an apportionment could be made to goodwill? " Learned counsel appearing on behalf of the assessee has contended that the entire amount of Rs. 8,67,505 should have been treated as consideration received for the goodwill and consequently it was liable to be excluded for the purpose of computing the tax payable by the assessee. While urging that the entire amount was liable to be excluded for the purpose of computing tax, it was not possible for the learned counsel to su....