https://www.taxtmi.com/caselaws?id=58295 The Tribunal upheld the validity of the business transfer from the assessee to another company, rejecting the Income-tax Officer's contention of tax planning and lack of a registered conveyance deed. The Commissioner of Income-tax (Appeals) deleted the addition made by the Income-tax Officer, stating that the business was effectively transferred without evidence of profit absorption intention. The Tribunal affirmed that the transferee company conducted the business activity and was already assessed, preventing double taxation. The income was deemed not taxable in the hands of the assessee due to the transfer, as per section 28 of the Income Tax Act. en-us Fri, 07 Jul 1989 00:00:00 +0530 Sat, 18 Dec 2010 13:28:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58295 The Tribunal upheld the validity of the business transfer from the assessee to another company, rejecting the Income-tax Officer's contention of tax planning and lack of a registered conveyance deed. The Commissioner of Income-tax (Appeals) deleted the addition made by the Income-tax Officer, stating that the business was effectively transferred without evidence of profit absorption intention. The Tribunal affirmed that the transferee company conducted the business activity and was already assessed, preventing double taxation. The income was deemed not taxable in the hands of the assessee due to the transfer, as per section 28 of the Income Tax Act. Case-Laws Income Tax Fri, 07 Jul 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58295