Transfer of intangible assets with right to carry on business is taxable as capital gains and not as business income

Delhi High Court in the case of CIT Vs. M/s Mediworld Publications Pvt. Ltd (ITA No. 549 of 2011) held that transfer of intangible assets with right to carry on business was taxable as capital gains and not as business income. Facts of the case The taxpayer was engaged in the business of health care print media and electronic communications. Business of print media communications comprises of publication of regular journals and customized publications for the industries and professional groups and business of electronic media communication includes production of customized audio video healthc...