Transfer of assets of proprietary concern to succeeding company exempt as covered within section 47(xiv)

DCIT Vs Jaspalsingh Prehaladsingh Chandok (ITAT Mumbai)

ITAT Mumbai held that gain arising on transfer of assets and liabilities of proprietary concern to succeeding company is covered by provisions of section 47(xiv) and accordingly cannot be considered as transfer of capital asset within meaning of section 45. Thus, appeal of revenue dismissed.

Facts- The Revenue has filed this appeal. The Revenue is aggrieved by the decision of CIT(A) in deleting the addition of LongTerm Capital Gains of Rs. 325 crores assessed by the AO.

Notably, the issue urged b

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