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2011 (4) TMI 503 - HC - Income TaxAsset Transfer Agreement - Capital Gains or Business income - distinct and separate business of Healthcare Journals and Communication - As far as Healthcare Journal and Communication business is concerned, it had been given up in entirety in favour of the transferee - The right to carry on the Healthcare Journals & Communications Business was only one part of the agreements - The main part of the agreements was transfer of all intangible assets being trademarks, brands, copyrights and the associated goodwill of its Healthcare Journals & Communications business - It follows that the consideration of Rs. 3,80,02,500 was not received; only for giving up the right to carry on the Healthcare Journals & communications business but was mainly for the transfer of all intangible assets being trademarks, brands, copyright and the associated goodwill of the Healthcare Journals & communications business. As per the law, the consideration for the transfer of intangible assets being trademarks, brands, copyrights and the associated goodwill of Healthcare Journals & Communications business is also taxable as long term capital gain by virtue of section 55(2)(a) read with clause (i) of the proviso to section 28(va) - The Revenue has also relied on the provisions of section 45(1) read with sections 2(14), 2(11)(9b), 48 and section 55(2)(ii) of the Act - The combined reading of the above provisions and of section 28(va) leaves no ambiguity that law makers specifically excluded the income from the purview of main section 28(va) - Hence, appeal is dismissed accordingly.
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