₹4.5 Cr for Loss of ‘ENO’ & ‘Fruit Salt’ Trademark is Capital Receipt: P&H HC

PCIT-2 Vs Smithkline Beecham Consumer Healthcare Ltd. (Punjab and Haryana High Court) The appeal was filed under Section 260A of the Income Tax Act, 1961 challenging the order dated 05.04.2016 passed by the Income Tax Appellate Tribunal (ITAT), Chandigarh. The Revenue raised multiple questions relating to tax treatment of compensation, depreciation, deduction under Section 80-I, valuation of closing stock, change in method of accounting, and disallowance of excise duty. At the outset, it was recorded that questions No. 3, 4, 5, 6, 7, and 8 stood answered either by the High Court or the Supreme...