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2011 (1) TMI 905 - CALCUTTA HIGH COURTCapital Receipt or not - Whether the amount received by the appellant for transfer of its entire marketing undertaking by way of slump sale in terms of the agreement was a capital receipt to which the provisions of Section 50(1) of the Income Tax Act, 1961 of the Income Tax Act, had no application and no capital gains could be assessed - Held that the assets and properties which are tangible in nature and for which depreciation was allowed should be apportioned from the other intangible assets and to that effect Section 45 read with Section 50 shall be made applicable - Therefore direct the Assessing Officer concerned to apportion and/or segregate the amount of consideration received by way of transfer of assets, out of total consideration of Rs. 3 crores to pick up the amount of consideration of tangible assets for assessment of tax under the heading capital gain under Section 45 read with 50 of the said Act.
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