2008 (11) TMI 7 - SC - Income Tax

Whether transfer of Banking Undertaking gave rise to taxable capital gains u/s 45 - in this case, it was not possible to allocate the full value of compensation (sale consideration) received between various assets of the undertaking - it was not possible to determine the cost of acquisition & cost of improvement - since computation was inextricably linked with the charging provisions u/s 45 it was not possible to tax the surplus u/s 45 – decision of SC in Artex Manufacturing Co. not applicable