Conversion of proprietary concern into a Pvt. Ltd. Company – No Capital Gains on Transfer of Goodwill acquired by incurring cost

DCIT Vs Univercell Telecommunications India-Pvt. Ltd. (ITAT Chennai)

M/s. Univercell Telecommunications, proprietary concern of Mr. Sathish Babu. D, was taken over by the assessee company on 28.09.2005 in terms of Sec. 47(xiv)(b) of the Act. It is an undisputed fact that when proprietary concern was converted into a Pvt. Ltd. Co., conditions of Sec.47(xiv)(b) of the Act, has been satisfied. However, at later date, Mr. Satish Babu. D has transferred 16.67% of his shareholding to Mr. Shankar S. Nathan on 10.10.2018 i.e. within

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