9911796707
TMI Blog2011 (9) TMI 212X X X X Extracts X X X X X X X X Extracts X X X X ..... d to sell the business as a going concern. Even though he had stopped his business, the liability to pay rent and interest continued. It was not a personal liability of the assessee. Both interest was payable on the amount borrowed for carrying on the business and rent was payable for the business premisses. Therefore, the appellate authorities were justified in allowing the said deduction. - IT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... intenti6n to sell the same as a going concern. It is a leased premises. Ultimately the business premises along with furniture, fixtures, etc., was sold for a consideration of Rs. 70,00,000/- to Sri S.M. Dayanand who is presently running the restaurant. After claiming the various expenses towards sale proceeds, the assessee declared the net income at Rs. 16,84,510/- in the form of long term capital ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and granted relief to that extent to the assessee. 4. Aggrieved by the said order, the revenue preferred an appeal to the Tribunal. The appeal came to be dismissed upholding the order of the Appellate Commissioner. Aggrieved by the said order, the present appeal is filed by the revenue. 5. Learned counsel for the revenue contends that when the business admittedly was closed in the year 1994, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bility of the assessee. Both interest was payable on the amount borrowed for carrying on the business and rent was payable for the business premisses. Therefore, the appellate authorities were justified in allowing the said deduction. 7. In so far as renovation expenses is concerned, it is the specific case of the assessee, after the business was stopped, in order to get a good price, when he in ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
