https://www.taxtmi.com/article/detailed?id=5694 The statutory exemption for succession of a sole proprietary business by a company requires that all assets and liabilities of the proprietary concern immediately before succession become assets and liabilities of the company, the proprietor's shareholding meet the prescribed threshold and the proprietor receive no benefit other than allotment of shares. Where alleged goodwill was not recorded in the proprietor's books nor valued or scheduled in the assignment, authorities found the conditions unmet. The author contends that unrecorded self generated intangibles can nonetheless be transferred and urges valuation, documentation and corrective filings to establish compliance. en-us Mon, 30 Jun 2014 11:26:25 +0530 Mon, 30 Jun 2014 11:26:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=5694 The statutory exemption for succession of a sole proprietary business by a company requires that all assets and liabilities of the proprietary concern immediately before succession become assets and liabilities of the company, the proprietor's shareholding meet the prescribed threshold and the proprietor receive no benefit other than allotment of shares. Where alleged goodwill was not recorded in the proprietor's books nor valued or scheduled in the assignment, authorities found the conditions unmet. The author contends that unrecorded self generated intangibles can nonetheless be transferred and urges valuation, documentation and corrective filings to establish compliance. Articles Income Tax Mon, 30 Jun 2014 11:26:25 +0530 https://www.taxtmi.com/article/detailed?id=5694