Supreme Court · 2008 INSC 1253 · Decided 6 November 2008
PNB Finance LTD. v. Commissioner of Income Tax-I, New Delhi
- Court
- Supreme Court of India
- Citation
- 2008 INSC 1253 · [2008] 15 S.C.R. 556
- Case number
- CIVIL APPEAL No. 3721/2002
- Decided
- 6 November 2008
- Bench
- S.H. KAPADIA, B. SUDERSHAN REDDY (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Companies Act; Income Tax Act Section 49, 45, 256(1)
Headnote
Income Tax Act, 1961 - s.49 - Assessment Year 1970- 71 - Compensation received by Banking Undertaking on its c transfer under Banking Companies Act of 1970 - Taxability of - Held: The Banking Undertaking, inter alia,· included intangible assets like goodwill, tenancy rights, manpower licence - Compensation was not allocable item-wise - Hence, it was not possible to compute capital D gains and, therefore, the amount of compensation received by the Banking Undertaking on its transfer was not taxable ~ under s.45 - Banking Companies (Acquisition and Transfer of Undertakings)
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