https://www.taxtmi.com/caselaws?id=208502 The Tribunal upheld that the transaction involving the sale of a proprietary concern as a going concern to a company qualified for exemption under section 47(xiv) of the Income-tax Act, 1961. It concluded that the transfer met the conditions of section 47(xiv) as the concern was taken over as a going concern by the company, with no consideration other than the allotment of shares passing to the assessee. The Tribunal emphasized the precedence of section 47(xiv) over other provisions like section 50B, exempting the surplus over the net worth from income tax and dismissing the Revenue's appeal. en-us Thu, 19 May 2011 00:00:00 +0530 Wed, 09 Nov 2011 14:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=208502 The Tribunal upheld that the transaction involving the sale of a proprietary concern as a going concern to a company qualified for exemption under section 47(xiv) of the Income-tax Act, 1961. It concluded that the transfer met the conditions of section 47(xiv) as the concern was taken over as a going concern by the company, with no consideration other than the allotment of shares passing to the assessee. The Tribunal emphasized the precedence of section 47(xiv) over other provisions like section 50B, exempting the surplus over the net worth from income tax and dismissing the Revenue's appeal. Case-Laws Income Tax Thu, 19 May 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=208502