High Court of Karnataka Dismisses Revenue Appeal in Income Tax Case — Transfer of Capital Asset from Sole Proprietorship to Company Held as Succession Under Section 47(xiv) of Income Tax Act, 1961. Capital gains arising from transfer of proprietary concern to a company where the assessee holds at least 50% shares is exempt from tax.
30 Jul 2014The revenue (appellant) filed an appeal under Section 260-A of the Income Tax Act, 1961 against the order of the Income Tax Appellate Tribunal (ITAT) ...
