2016 (8) TMI 1562 - SCH - Income Tax

Goodwill arising on succession - capital balance accounted as goodwill - capital gain computation - transfer u/s 2(47) - interpretation of Section 47 (xiv) - AO found that the goodwill was never created in the books of the proprietary concern and therefore it never became an asset of the sole proprietary concern which was taken over on such succession also confirmed by CIT-A and ITAT - HC said we do not think that the Tribunal's view and in the backdrop of the peculiar facts can be termed as perverse or vitiated by any error of law apparent on the face of the record - HELD THAT - Application for exemption from filing certified copy of the impugned order is allowed. We do not find any legal and valid ground for interference. The Special Leave Petition is dismissed.

Summary

Title: Supreme Court of India dismisses Special Leave Petition

Judges: Mr. Justice Ranjan Gogoi and Mr. Justice Prafulla C. Pant

Representation: Petitioner represented by Mr. S. Guru Krishna Kumar, Sr. Adv., Ms. Ruchir L. Tolat, Adv., Mr. S.R. Setia, Adv.

Decision: Application for exemption from filing certified copy of the impugned order is allowed. Special Leave Petition is dismissed.