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2011 (1) TMI 1115 - KERALA HIGH COURTSearch and seizure - Block assessment - Held that:- The sale of the capital assets like land, building and depreciable assets are assessable separately. However, this could be done by bifurcating the sale consideration in a realistic manner between the value attributable to land, builiding and fixed assets and the value fixed for the transfer of the business, which is essentially the transfer of dealership licence by the manufacturing Company. It is stated that Rs.5 lakhs was retained by the purchasers towards consideration for the transfer of licence from the assessee. However, it is not known whether this is spent by the assessee to get the licence or whether it is an estimated amount fixed between the parties. In any case, the eligibility for a petroleum dealership licence itself is availability of all the infrastructural facilities and equipments and experience. Therefore, it is for the Assessing Officer to examine, after giving opportunity to the assessee as to whether what exactly is the consideration i.e. attributable for transfer of the business rights as an intangibel asset including licence.
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