1980 (10) TMI 126

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..... e assessee is a transport operator and sold a bus No. MDF 7176 for Rs. 61,000 during the accounting year ending 31st March, 1975 relevant for the asst. yr. 1975-76. It was claimed by the assessee that the sale value was inclusive of route value. The ITO accepted that the route value, between Marakkanam to Cuddalore viz., Pondicherry was Rs. 20,000 and the balance of Rs. 41,000 as representing the .....

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..... e entire amount. 3. The ld. counsel for the assessee contended that no part of Rs. 20,000 would be taxable, if it is taken that no payment is made for the route value as in the case of good-will and other self-generated assets. It was argued that the amount offered for tax at Rs. 10,000 as capital gains is reasonable. The ld. Deptl. Rep. relied upon the orders of authorities below: 4. We have .....

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