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Provisions of section 56(2)(vii)(c) cannot be invoked while computing income under the head ‘capital gain’

January 22, 2020[2020] 113 414 (Kolkata - Trib.)

INCOME TAX : Where assessee, a proprietary concern, transferred its assets and liabilities to a private limited company and cost of acquisition and full value of consideration received on sale were same figure, no capital gains had accrued or were received by assessee and thus, addition under head capital gains was not warranted

INCOME TAX : Provisions of section 56(2)(vii)(c) are not applicable when subject matter of transfer is immovable property
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