Capital Gain u/s 47(xiii) can’t be attracted on Failure to prove Existence of Firm and its Succession with Company: ITAT [Read Order]

Failure of the assessee to prove the existence of the firm and its succession with the company, ITAT dismissed the appeal for capital gain.
Capital Gain - Failure to prove Existence of Firm and its Succession with Company -ITAT - TAXSCAN

The Hyderabad bench of the Income Tax Appellate Tribunal (ITAT) held that the capital gain under Section 47(xiii) of the Income Tax Act, 1961 cannot be attracted on the failure to prove the existence of the firm and its succession with the company. The assessee is an individual who filed his return of income by…

Your free access to Taxscan has Expired

To read the article, get a premium account.

Taxscan Premium

Why should you subscribe?
  • Enjoy our website without interruptions from advertisements
  • Receive Daily newsletters
  • Receive realtime Telegram/Whatsapp news updates
  • Download original Judgements / Order / Notifications / Circulars, etc
  • Enjoy exclusive entry fees to Simplified series. (Webinars, Seminars, masterclasses, etc.)
  ₹1599 + GST for 1 year

Subscribe Now

taxscan-loader