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2011 (12) TMI 347 - ITAT, MUMBAIWhether CIT(A) erred in holding that the conditions prescribed in section 47 (xiv) are satisfied - It is further observed that as on 31st March 2005, there is a succession of the proprietorship business in to a corporate entity Krystal Colloids Private Limited, whereby the assessee had assigned running business of M/s. Krystal Colloids sole proprietary concern as a going concern to Krystal Colloids Private Limited - The assessee submitted that some of these bank accounts were continued to ensure that the various refunds, remittance, etc. receivable from one or more government departments, debtors, etc. be directly credited to the respective accounts which were already disclosed to the respective authorities, debtors, etc - Under the Agreement of Assignment, the assets and liabilities were to be transferred at book values. However in respect of these Intangible Assets the same have been transferred to the limited company at the revalued amounts being the book values - in the present case, it cannot be held that he has received consideration or benefit indirectly other than by way of allotment of shares, only because higher number of shares have been allotted due to revaluation - Decided in favor of the assessee
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