Transfer of trademark acquired prior to 01.04.1998 is taxable as long-term capital gain

Johnson & Johnson Private Limited Vs DCIT (ITAT Mumbai) ITAT Mumbai held that no provision in the Income Tax Act mandated inclusion of trademark, acquired prior to 01/04/1998, in the block of assets thus there was no depreciation allowable on the same. Hence, provisions of section 50 has no applicability and transfer of such trademark is treatable as long-term capital gain. Facts- During the assessment proceedings, it was observed that the assessee sold two trademarks “Coldarin” and “Raricap”. The gains accrued on the transfer of both these capital assets gave rise to income charge...