https://www.taxtmi.com/caselaws?id=11555 Transfer of an entire business as a going concern, with assets and liabilities vesting in the transferee, was treated as a transfer attracting capital gains; the assessee failed on that issue. Separately identifiable land, acquired in 1981 and not shown to form part of the depreciable block, retained the character of a long-term capital asset and deduction under section 48(2) was allowed. On cessation of business, closing stock had to be valued on a real basis, so the revaluation addition was sustained. Interest under section 234B was held to be mandatory and automatic, and no separate hearing was required. en-us Tue, 17 Sep 2002 00:00:00 +0530 Fri, 29 Jan 2010 10:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11555 Transfer of an entire business as a going concern, with assets and liabilities vesting in the transferee, was treated as a transfer attracting capital gains; the assessee failed on that issue. Separately identifiable land, acquired in 1981 and not shown to form part of the depreciable block, retained the character of a long-term capital asset and deduction under section 48(2) was allowed. On cessation of business, closing stock had to be valued on a real basis, so the revaluation addition was sustained. Interest under section 234B was held to be mandatory and automatic, and no separate hearing was required. Case-Laws Income Tax Tue, 17 Sep 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11555