Can any one provide me the justification of "income arising from the right relating to acquisition of assets is of Capital Nature and not business Income" ?? here the asset is not transferred .. just the owner of the asset has received the benefit of bid on surrendering of the opportunity he recieves a gain from third party.. If possible Provide the answers with case reference..
2 Replies
Anumanchipalli Sathikonda
(Tax Consultant)
(1559 Points)
Replied 21 August 2011
Mr.Bhavi Vijay Bhinde
Your case falls under the ambit of section 28(va). It is not capital gain. It is income from business.
Best Wishes
Sathikonda
bhavik vijay bhinde
(student)
(48 Points)
Replied 22 August 2011
But it is not the Income from Business Activity.. I have received the right to bid on account of holding the investments, The income which is arising from the third party to the contract is on surrender of such right to bid..so how can it be a business activity?
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