https://www.taxtmi.com/caselaws?id=22068 Where a company took over a partnership business as a going concern with its goodwill, plant, machinery, stock, tools, furniture, contracts and other business assets, it was treated as the successor to the partnership for section 49(1)(iii)(a) of the Income-tax Act, 1961. The fact that cash, bank balances, debts and outstanding liabilities were not assumed did not negate succession when the entire business and commercial assets were transferred. On that basis, the statutory benefit under section 49(1)(iii)(a), read with section 50(2), was available, and section 50(1) did not alter the capital gains computation on sale of depreciable machinery. en-us Tue, 21 Aug 1990 00:00:00 +0530 Sat, 05 Dec 2009 17:44:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22068 Where a company took over a partnership business as a going concern with its goodwill, plant, machinery, stock, tools, furniture, contracts and other business assets, it was treated as the successor to the partnership for section 49(1)(iii)(a) of the Income-tax Act, 1961. The fact that cash, bank balances, debts and outstanding liabilities were not assumed did not negate succession when the entire business and commercial assets were transferred. On that basis, the statutory benefit under section 49(1)(iii)(a), read with section 50(2), was available, and section 50(1) did not alter the capital gains computation on sale of depreciable machinery. Case-Laws Income Tax Tue, 21 Aug 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22068