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Income Tax - Highlights / Catch Notes

Home Highlights July 2015 Year 2015 This

Amount received by the assessee as a consideration for ...

Income Tax

July 2, 2015

Amount received by the assessee as a consideration for transfer/assignment of trade mark to the assignee is in the nature of capital receipt and to be taxed as capital gain and not as business income. - AT

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  1. SSI Exemption - use of Brand/Trade mark or others - as long as assignment stands the assessee using the brand name is eligible for the benefit of SSI exemption notification - AT

  2. Damages/compensation received - nature of receipt - the amount received towards compensation/damage for settlement of dispute is capital receipt, hence not taxable.

  3. Levy of GST on Transfer Fee - Assignment of leasehold rights on land - The activity of assignment is in the nature of agreeing to transfer one’s leasehold rights. It...

  4. Nature of receipt - the compensation received by the assessee is for sterilization of the profit making apparatus of the assessee company - receipt is capital in nature...

  5. Nature of subsidy received - Capital or revenue receipt - amount given as subsidy to meet any revenue expenditure can safely be termed as revenue receipt - HC

  6. Nature of amount received as compensation towards rent out property - Mense profit - Mense profit is not revenue receipt but capital in nature - not taxable - AT

  7. Benefit of SSI Exemption - Use of Brand name of others - German company, has assigned the trade mark 'BILZ' in favour of the assessee under Agreement dated 18.06.1996...

  8. Excise Duty Refund - Revenue receipt or capital receipt - the excise duty refund received is in the nature of capital receipt and is not exigible to the tax - HC

  9. Online Information and Data Retrieval services - Levy of Service Tax - transaction of assignment of the receivables by the respondents to the assignee - cannot be taxed...

  10. Nature of receipt under the subsidy scheme - Multiplex Theatre Complexes - exemption of entertainment duty - the receipt is in the nature of capital receive - not taxable - SC

 

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