https://www.taxtmi.com/caselaws?id=16408 The Appellate Tribunal concluded that the assessee was not liable for profits under section 41(2) in a case involving the transfer of a proprietorship business as a whole. The Tribunal emphasized that no part of the price could be attributed to the cost of land in such transfers, citing relevant legal precedents. Additionally, the Tribunal exempted the assessee from long-term capital gains tax on the transfer of proprietary interest, stating that when the entire concern is sold, consideration cannot be linked to specific assets. The High Court directed the Tribunal to reevaluate the case to determine the sale consideration accurately for tax liability assessment. en-us Tue, 28 Apr 1998 00:00:00 +0530 Mon, 07 Sep 2009 15:33:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16408 The Appellate Tribunal concluded that the assessee was not liable for profits under section 41(2) in a case involving the transfer of a proprietorship business as a whole. The Tribunal emphasized that no part of the price could be attributed to the cost of land in such transfers, citing relevant legal precedents. Additionally, the Tribunal exempted the assessee from long-term capital gains tax on the transfer of proprietary interest, stating that when the entire concern is sold, consideration cannot be linked to specific assets. The High Court directed the Tribunal to reevaluate the case to determine the sale consideration accurately for tax liability assessment. Case-Laws Income Tax Tue, 28 Apr 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16408