In case of loss making company valuing goodwill at 10% of the total consideration, without any material on record not sustainable

Madras High Court Dated: 18-07-2011 Tax Case (Appeal) No. 989 of 2004 Commissioner of Income Tax, Chennai Vs India Cements Ltd. Prayer: Appeal filed against the order of the Income Tax Appellate Tribunal “C” Bench, dated 31.12.2002, made in I.T.A No. 1890/Mds/96, under Section 260 A of the Income Tax Act, 1961. JUDGEMENT (Judgement of the Court was made by CHITRA VENKATARAMAN, J.) The Revenue is on appeal raising the following questions of law: “1. Whether in the facts and circumstances of the case, the Tribunal was right in holding that the company purchas...