https://www.taxtmi.com/caselaws?id=121038 The Tribunal upheld the CIT(A)'s decisions, affirming that the assessment was within the limitation period under section 153(2) of the Income-tax Act, as the time limit is based on the date of service. It ruled that compliance with section 47(xiii) conditions must occur at the time of succession for capital gains tax exemption, making the firm liable if unmet. The re-opening of the assessment was justified, and depreciation should be based on the firm's pre-succession asset value. The firm's appeal was allowed, while the company's appeals were dismissed. en-us Wed, 18 Jul 2007 00:00:00 +0530 Wed, 07 Feb 2024 11:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=121038 The Tribunal upheld the CIT(A)'s decisions, affirming that the assessment was within the limitation period under section 153(2) of the Income-tax Act, as the time limit is based on the date of service. It ruled that compliance with section 47(xiii) conditions must occur at the time of succession for capital gains tax exemption, making the firm liable if unmet. The re-opening of the assessment was justified, and depreciation should be based on the firm's pre-succession asset value. The firm's appeal was allowed, while the company's appeals were dismissed. Case-Laws Income Tax Wed, 18 Jul 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=121038