going concern

Opinion – Levy of VAT on Transfer of Assets

Income Tax - The transaction involves a global acquisition of a banking business by the Purchaser from the Seller. Consequent thereto, all assets and liabilities in India will be acquired by the Purchaser from the Seller. The acquisition of the assets and liabilities in India will either be through: (a) slump sale process, in which the undertaking as ...

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Valuation of Business

Income Tax - The etymology of business refers to the state of being busy, in the context of the individual as well as the community or society. In other words, to be busy is to be doing commercially viable and profitable work.In economics, business is the social science of managing people to organize and maintain collective productivity toward accompl...

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Taxability of Compensation Received By A Banking Undertaking Under Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (SC

Income Tax - PNB Finance Ltd. v. CIT - Where the Banking Undertaking, inter alia, included intangible assets like goodwill, tenancy rights, manpower and value of banking licence, it was not possible to compute capital gains and, therefore, the amount of compensation received by the Banking Undertaking on its transfer was not taxable under section 45 o...

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Big 4 Bombshell- “We Didn’t Fail Banks Because They Were Getting a Bailout”

Income Tax - The Economic Affairs Committee of the House of Lords questioned representatives of the four largest audit firms on the issue of "going concern" opinions during the financial crisis. In particular, why were there none for the banks that failed, were b...

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ALP of slump sale to be determined using valuation report, failing which IT WDV can be considered as a reasonable method

Intel Asia Electronics Inc. Vs ADIT (ITAT Bangalore) (ITA No. 131 of 2010) - The assessee is a foreign company, having a branch office as well as a subsidiary in India. The assessee decided to close down its branch office and transfer all its assets and liabilities as a going concern to its subsidiary. The assessee adopted C...

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Assets of a company in liquidation cannot be disposed of at mere pleasure of company

Laxman Yeswant Prabhudesai Vs NRC Ltd. (Bombay High Court) - If the business is going to be paralyzed, then, the court in appropriate cases can, for the benefit and interest of the company, save the transaction involving sale of assets of a company in liquidation; it is for enabling the company to continue as a going concern and to protect the interest of sha...

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No tax on undertaking transfer- ITAT Bombay

Avaya Global Connect vs. ACIT (ITAT Mumbai 'A' Bench) - 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 ...

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Recent Posts in "going concern"

ALP of slump sale to be determined using valuation report, failing which IT WDV can be considered as a reasonable method

Intel Asia Electronics Inc. Vs ADIT (ITAT Bangalore) (ITA No. 131 of 2010)

The assessee is a foreign company, having a branch office as well as a subsidiary in India. The assessee decided to close down its branch office and transfer all its assets and liabilities as a going concern to its subsidiary. The assessee adopted C...

Read More

Big 4 Bombshell- “We Didn’t Fail Banks Because They Were Getting a Bailout”

The Economic Affairs Committee of the House of Lords questioned representatives of the four largest audit firms on the issue of "going concern" opinions during the financial crisis. In particular, why were there none for the banks that failed, were b...

Read More
Posted Under: Income Tax |

Assets of a company in liquidation cannot be disposed of at mere pleasure of company

Laxman Yeswant Prabhudesai Vs NRC Ltd. (Bombay High Court)

If the business is going to be paralyzed, then, the court in appropriate cases can, for the benefit and interest of the company, save the transaction involving sale of assets of a company in liquidation; it is for enabling the company to continue as a going concern and to protect the interest of shareholders and creditors that such a powe...

Read More

Opinion – Levy of VAT on Transfer of Assets

The transaction involves a global acquisition of a banking business by the Purchaser from the Seller. Consequent thereto, all assets and liabilities in India will be acquired by the Purchaser from the Seller. The acquisition of the assets and liabilities in India will either be through: (a) slump sale process, in which the undertaking as ...

Read More
Posted Under: Income Tax |

Valuation of Business

The etymology of business refers to the state of being busy, in the context of the individual as well as the community or society. In other words, to be busy is to be doing commercially viable and profitable work.In economics, business is the social science of managing people to organize and maintain collective productivity toward accompl...

Read More
Posted Under: Income Tax |

Taxability of Compensation Received By A Banking Undertaking Under Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (SC

PNB Finance Ltd. v. CIT - Where the Banking Undertaking, inter alia, included intangible assets like goodwill, tenancy rights, manpower and value of banking licence, it was not possible to compute capital gains and, therefore, the amount of compensation received by the Banking Undertaking on its transfer was not taxable under section 45 o...

Read More
Posted Under: Income Tax |

No tax on undertaking transfer- ITAT Bombay

Avaya Global Connect vs. ACIT (ITAT Mumbai 'A' Bench)

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 t...

Read More

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