https://www.taxtmi.com/caselaws?id=256204 The High Court ruled in favor of the assessee, holding that the sale proceeds from the business undertaking should not be taxed as short-term capital gains. It determined that since the cost of the entire undertaking was indeterminable and the business was sold as a going concern without itemized asset sales, the surplus from the sale could not be taxed under Section 45. The Court also recognized the business as an independent asset for capital tax purposes, aligning with established legal principles. Consequently, the interest charged under Sections 234B and 234C was deemed inapplicable due to the favorable rulings on the substantive taxability issues. en-us Mon, 08 Dec 2014 00:00:00 +0530 Fri, 05 Aug 2022 18:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=256204 The High Court ruled in favor of the assessee, holding that the sale proceeds from the business undertaking should not be taxed as short-term capital gains. It determined that since the cost of the entire undertaking was indeterminable and the business was sold as a going concern without itemized asset sales, the surplus from the sale could not be taxed under Section 45. The Court also recognized the business as an independent asset for capital tax purposes, aligning with established legal principles. Consequently, the interest charged under Sections 234B and 234C was deemed inapplicable due to the favorable rulings on the substantive taxability issues. Case-Laws Income Tax Mon, 08 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=256204