https://www.taxtmi.com/caselaws?id=201365 The High Court held that the sale of 100% shareholding did not constitute a 'transfer' under the Income Tax Act, as it did not alter the legal identity of the company. Therefore, the succession of business provisions did not apply. Additionally, the court upheld the classification of expenditure on repairs and renovations as revenue expenditure, in line with the ITAT's decision. The appeal was dismissed in favor of the assessee, with the court providing a detailed analysis of legal provisions and precedents to support its judgment. en-us Wed, 26 Aug 2009 00:00:00 +0530 Tue, 04 Jan 2011 23:06:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=201365 The High Court held that the sale of 100% shareholding did not constitute a 'transfer' under the Income Tax Act, as it did not alter the legal identity of the company. Therefore, the succession of business provisions did not apply. Additionally, the court upheld the classification of expenditure on repairs and renovations as revenue expenditure, in line with the ITAT's decision. The appeal was dismissed in favor of the assessee, with the court providing a detailed analysis of legal provisions and precedents to support its judgment. Case-Laws Income Tax Wed, 26 Aug 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=201365