https://www.taxtmi.com/caselaws?id=34558 The court ruled in favor of the assessee, holding that the transfer of assets and liabilities of a company due to a change in management and shareholding did not attract capital gains tax. The court emphasized that the transfer of shares did not constitute succession under Section 170(1) of the Income Tax Act as there was no transfer of ownership. Additionally, the court clarified that Section 170 did not apply to the company as it pertains to the transfer of a business between assesses, highlighting the separate legal identity of a company from its shareholders. The appeal was dismissed without costs. en-us Wed, 02 Sep 2009 00:00:00 +0530 Mon, 14 Sep 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=34558 The court ruled in favor of the assessee, holding that the transfer of assets and liabilities of a company due to a change in management and shareholding did not attract capital gains tax. The court emphasized that the transfer of shares did not constitute succession under Section 170(1) of the Income Tax Act as there was no transfer of ownership. Additionally, the court clarified that Section 170 did not apply to the company as it pertains to the transfer of a business between assesses, highlighting the separate legal identity of a company from its shareholders. The appeal was dismissed without costs. Case-Laws Income Tax Wed, 02 Sep 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=34558