https://www.taxtmi.com/caselaws?id=185960 Section 41(2) governs the taxation of balancing charge profits arising on transfer of depreciable assets, subject to its limited statutory scope. Transfers of a going concern by a holding company to its wholly owned Indian subsidiary require consideration of Section 47, which may exclude the transfer from capital gains treatment where its conditions are met. The material also addresses the power to set aside an assessment and require reframing, treating that issue as governed by an earlier ruling. The stated position is adverse to the assessee on both the applicability of Section 41(2) and the remand for reassessment. en-us Mon, 11 Jun 2001 00:00:00 +0530 Sat, 03 Sep 2016 13:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185960 Section 41(2) governs the taxation of balancing charge profits arising on transfer of depreciable assets, subject to its limited statutory scope. Transfers of a going concern by a holding company to its wholly owned Indian subsidiary require consideration of Section 47, which may exclude the transfer from capital gains treatment where its conditions are met. The material also addresses the power to set aside an assessment and require reframing, treating that issue as governed by an earlier ruling. The stated position is adverse to the assessee on both the applicability of Section 41(2) and the remand for reassessment. Case-Laws Income Tax Mon, 11 Jun 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185960