https://www.taxtmi.com/caselaws?id=23522 The court ruled in favor of the Revenue on the issue of tax liability for capital gains arising from the transfer of a business as a going concern. It determined that the transfer of property occurred on April 14, 1971, not in 1956 as previously claimed. The court upheld the Tribunal's decision that there was no separate sale of assets under section 41(2) of the Income-tax Act, as the intention was to sell the business as a whole. As a result, the excess sale proceeds of depreciable assets were not subject to balancing charges. en-us Thu, 07 Dec 1989 00:00:00 +0530 Mon, 21 Dec 2009 15:35:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23522 The court ruled in favor of the Revenue on the issue of tax liability for capital gains arising from the transfer of a business as a going concern. It determined that the transfer of property occurred on April 14, 1971, not in 1956 as previously claimed. The court upheld the Tribunal's decision that there was no separate sale of assets under section 41(2) of the Income-tax Act, as the intention was to sell the business as a whole. As a result, the excess sale proceeds of depreciable assets were not subject to balancing charges. Case-Laws Income Tax Thu, 07 Dec 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23522