No tax on undertaking transfer- ITAT Bombay

Avaya Global Connect vs. ACIT (ITAT Mumbai)

Where the assessee transferred its undertaking under a scheme of demerger which provided that neither the assessee nor its shareholders would receive any consideration from the transferee company as the value of the liabilities taken over were more than the value of the assets taken over and the assessee treated the difference between the said liabilities and assets as a capital reserve and the question arose

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