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2015 (12) TMI 48 - HC - Income TaxTaxability of income - provisions of Block assessment could not be invoked as per ITAT? - sum paid by “Sharp Corporation, Japan” to the assessee for transfer of the right to use the trade mark “SHARP” which consisted of both goodwill as well as the right to use associate with 14 items out of 21 items did not attract capital gains tax - Held that:- From the record it is clear that the return of income for the relevant assessment year 1996-97 was filed by the assessee on 2/12/1996, which was nearly a year before the search was conducted. A categorical finding of fact has been recorded by the Tribunal with regard to the disclosure of the receipt of such amount through banking channels by the assessee, which is to the effect that, “When the amount has been received through banking channels and has been shown as part of the cash and bank balances, it is not possible to say that the transaction has not been or would not have been disclosed for the purposes of the Act within the meaning of Section 158-B(b)”. As the appellants has not been able to satisfy us that there was non-disclosure of the aforesaid amount having been received by the assessee in the returns filed by the assessee for the relevant assessment year. - Decided against the Revenue.
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