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1960 (11) TMI 24 - SC - Income TaxWhether on the facts of the case, the Appellate Tribunal was right in applying section 8(3) of the Excess Profits Tax Act ? Whether in the computation of the capital employed in the business of the assessee, the Tribunal erred in not including the value of the goodwill or any portion thereof ? Held that:- A question of law did arise in the case whether the goodwill of the Eros Theatre and Restaurant Ltd. was calculated in accordance with law. The Tribunal seems to have taken into account only the value of the leasehold of the site to the subsidiary company, and rejected other considerations which go to make up the goodwill of a business. It is manifest that the matter of goodwill needs to be considered in a much broader way than what the Tribunal has done. A question of law did arise in the case, and, in our opinion, the High Court should have directed the Tribunal to state a case upon it. Appeal allowed.
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