9911796707
TMI Blog2003 (8) TMI 14X X X X Extracts X X X X X X X X Extracts X X X X ..... me in respect of eight items of medicines sold by the assessee for a consideration of Rs. 4 lakhs to M/s. Vysali Pharmaceuticals (P.) Ltd. is exigible to capital gains tax under the Income-tax Act, 1961 (for short "the Act"). The assessee is the appellant. The assessment year is 1992-93, the relevant accounting period ended March 31, 1992. During the accounting period relevant to the assessment y ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Assessing Officer and the two appellate authorities have taken the view that the brand name is definitely a part of the goodwill of the business of the assessee and therefore, it is liable to be assessed to capital gains under section 48 of the Act. Sri P. Balakrishnan, learned counsel appearing for the assessee submits that "brand name" cannot be treated as part of the "goodwill", for, accordin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion 55 of the Act and found as a fact that it does. Standing counsel further submitted that none of the authorities including the Tribunal had occasion to consider the effect of the amendment made by the Finance Act, 2001, with effect from April 1, 2002, since all the three orders impugned in this appeal were passed long before such amendment. We have considered the rival submissions and also per ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... evious owner, means the amount of the purchase price ; and (ii) in any other case not being a case falling under sub-clauses (i) to (iv) of sub-section (1) of section 49, shall be taken to be nil'." Admittedly this amendment is having only prospective effect from April 1, 2002. However, the effect of the amendment in relation to the earlier period is necessarily a matter to be considered by the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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