VATSALA SHENOY vs. JT.COMMISSIONER OF INCOME TAX

price was capable of being attributable to individual assets, which is also known as item-wise earmarking. The third test is that there is a conceptual Page 15 JUDGMENT 15 difference between an undertaking and its components. Plant, machinery and dead stock are individual items of an undertaking. A business undertaking can consist of not only tangible items but also