https://www.taxtmi.com/caselaws?id=433929 The Tribunal upheld the CIT(A)'s decision to delete additions made by the AO regarding the assessment of capital gains on the transfer of goodwill at book value. Despite a violation triggering the application of Sec.47A(3) due to a share transfer within five years, the Tribunal found no capital gains liability on the conversion of the proprietary concern into a Pvt. Ltd. Co. as all assets, including goodwill, were transferred at book value. The Tribunal emphasized that the goodwill was acquired through expenses, resulting in a capital gains amount of nil. The appeal filed by the Revenue was dismissed. en-us Wed, 07 Sep 2022 00:00:00 +0530 Mon, 13 Feb 2023 12:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=433929 The Tribunal upheld the CIT(A)'s decision to delete additions made by the AO regarding the assessment of capital gains on the transfer of goodwill at book value. Despite a violation triggering the application of Sec.47A(3) due to a share transfer within five years, the Tribunal found no capital gains liability on the conversion of the proprietary concern into a Pvt. Ltd. Co. as all assets, including goodwill, were transferred at book value. The Tribunal emphasized that the goodwill was acquired through expenses, resulting in a capital gains amount of nil. The appeal filed by the Revenue was dismissed. Case-Laws Income Tax Wed, 07 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=433929