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2015 (12) TMI 48 - KARNATAKA HIGH COURT

2015 (12) TMI 48 - KARNATAKA HIGH COURT - TMI - Taxability 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 fil .....

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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. - I.T.A. No. 357 of 2009 - Dated:- 16-11-2015 - Vineet Saran And S. Sujatha, JJ. For the Appellant : Sri K V Aravind, Adv For the Respondent : Sri A Shankar & Mr M Lava, Adv JUD .....

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tly recorded a perverse finding? b) Whether the Tribunal was in holding that the entire amount was paid by Sharp Corporation, Japan, through proper banking channel and therefore, provisions of Block assessment could not be invoked by ignoring the fact that pursuant to search and seizure the documents disclosing the transaction detected and the Block Assessment had correctly passed? 2. We have heard Sri.K.V.Aravind, learned counsel for the appellants as well as Sri.A.Shankar, learned counsel for .....

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