https://www.taxtmi.com/caselaws?id=69001 A transfer of hotel assets was not treated as a sale of the business as a running concern because the documents referred only to immovable and movable properties and did not expressly transfer the undertaking or its business liabilities; the transaction was therefore regarded as a transfer of capital assets, leaving section 41(2) balancing charge principles applicable. For section 54E relief, amounts paid directly to secured mortgagees or other creditors with an enforceable charge over the property could be excluded from net consideration, as they did not accrue to the assessee and were incurred in connection with transfer of clear title. Unsecured personal liabilities were not deductible. en-us Thu, 23 Jul 1987 00:00:00 +0530 Fri, 20 Jan 2012 14:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69001 A transfer of hotel assets was not treated as a sale of the business as a running concern because the documents referred only to immovable and movable properties and did not expressly transfer the undertaking or its business liabilities; the transaction was therefore regarded as a transfer of capital assets, leaving section 41(2) balancing charge principles applicable. For section 54E relief, amounts paid directly to secured mortgagees or other creditors with an enforceable charge over the property could be excluded from net consideration, as they did not accrue to the assessee and were incurred in connection with transfer of clear title. Unsecured personal liabilities were not deductible. Case-Laws Income Tax Thu, 23 Jul 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69001