{"id":226,"date":"2008-11-09T11:14:28","date_gmt":"2008-11-09T11:14:28","guid":{"rendered":"http:\/\/itatonline.org\/archives\/?p=226"},"modified":"2008-11-09T11:14:28","modified_gmt":"2008-11-09T11:14:28","slug":"pnb-finance-vs-cit-supreme-court","status":"publish","type":"post","link":"https:\/\/itatonline.org\/archives\/pnb-finance-vs-cit-supreme-court\/","title":{"rendered":"PNB Finance vs. CIT (Supreme Court)"},"content":{"rendered":"<p><a href=\"http:\/\/www.itatonline.org\/dlmonitor\/download.php?t=f&#038;i=132\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/www.itatonline.org\/images\/download.gif?w=605\" class=\"alignright\" border=\"0\" \/><\/a><\/p>\n<p>Where (pre s. 50B), the assessee\u2019s banking undertaking was transferred by nationalization and it received compensation calculated on the basis of capitalization of last 5 years profits and the question arose whether the said compensation was assessable as capital gains, HELD<\/p>\n<p>As the undertaking was transferred as a going concern and there was no evidence on record to show that the compensation had been arrived at on an item-wise allocation of the various assets of the undertaking and there was no \u201ccost of acquisition\u201d of the undertaking, capital gains was not chargeable.  <\/p>\n<p>Note: See <strong><a href=\"http:\/\/itatonline.org\/archives\/?p=118\">Avaya Global Connect vs. ACIT<\/a><\/strong> (1.2 MB) (ITAT Mumbai) where despite s. 50B, it was held that the gains are <strong>NOT<\/strong> chargeable.  <\/p>\n","protected":false},"excerpt":{"rendered":"<p>As the undertaking was transferred as a going concern and there was no evidence on record to show that the compensation had been arrived at on an item-wise allocation of the various assets of the undertaking and there was no \u201ccost of acquisition\u201d of the undertaking, capital gains was not chargeable.  <\/p>\n<div class=\"read-more\"><a href=\"https:\/\/itatonline.org\/archives\/pnb-finance-vs-cit-supreme-court\/\">Read more &#8250;<\/a><\/div>\n<p><!-- end of .read-more --><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[4,7],"tags":[],"class_list":["post-226","post","type-post","status-publish","format-standard","hentry","category-all-judgements","category-supreme-court"],"acf":[],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/archives\/wp-json\/wp\/v2\/posts\/226","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/archives\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/archives\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/archives\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/archives\/wp-json\/wp\/v2\/comments?post=226"}],"version-history":[{"count":0,"href":"https:\/\/itatonline.org\/archives\/wp-json\/wp\/v2\/posts\/226\/revisions"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/archives\/wp-json\/wp\/v2\/media?parent=226"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/archives\/wp-json\/wp\/v2\/categories?post=226"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/archives\/wp-json\/wp\/v2\/tags?post=226"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}