https://www.taxtmi.com/caselaws?id=34495 A transfer of 100% shareholding in a company does not, by itself, amount to succession of business under Section 170 of the Income-tax Act, because a company has a separate legal identity from its shareholders and succession requires transfer of the business itself. The text therefore treats share sale as a change in ownership of shares, not a transfer of the company's business or its assessee status. The question whether repairs and renovation expenses were revenue or capital expenditure was not decided on merits and no final determination was recorded on that issue. en-us Wed, 26 Aug 2009 00:00:00 +0530 Mon, 07 Sep 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=34495 A transfer of 100% shareholding in a company does not, by itself, amount to succession of business under Section 170 of the Income-tax Act, because a company has a separate legal identity from its shareholders and succession requires transfer of the business itself. The text therefore treats share sale as a change in ownership of shares, not a transfer of the company's business or its assessee status. The question whether repairs and renovation expenses were revenue or capital expenditure was not decided on merits and no final determination was recorded on that issue. Case-Laws Income Tax Wed, 26 Aug 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=34495