https://www.taxtmi.com/caselaws?id=266901 A transfer described as a gift of a proprietary business undertaking to a company is treated as a colourable device where surrounding facts show no genuine gratuitous intent, and capital gains computation under section 50B is applied on that true character. Related claims for depreciation on the transferred undertaking fail where there is no real succession as claimed, and unabsorbed depreciation is not available for set-off against salary income under the post-amendment scheme of section 32(2) and section 71(2A). Write-off of sundry debtors and pre-operative or deferred revenue expenses is also disallowed where the write-off is part of the same sham arrangement and no independent year-wise crystallisation or bona fide basis is shown. en-us Thu, 24 Sep 2015 00:00:00 +0530 Tue, 27 Oct 2015 16:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=266901 A transfer described as a gift of a proprietary business undertaking to a company is treated as a colourable device where surrounding facts show no genuine gratuitous intent, and capital gains computation under section 50B is applied on that true character. Related claims for depreciation on the transferred undertaking fail where there is no real succession as claimed, and unabsorbed depreciation is not available for set-off against salary income under the post-amendment scheme of section 32(2) and section 71(2A). Write-off of sundry debtors and pre-operative or deferred revenue expenses is also disallowed where the write-off is part of the same sham arrangement and no independent year-wise crystallisation or bona fide basis is shown. Case-Laws Income Tax Thu, 24 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=266901