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.
By Sunayana Dhal - On December 24, 2023 9:04 pm - 2 mins read
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…
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