The firm is succeeded by the company, therefore, the cost of ...

Firm to Company Transition: Original Acquisition Cost Remains Unchanged Despite Asset Revaluation.

June 9, 2016

Case Laws Income Tax AT

The firm is succeeded by the company, therefore, the cost of acquisition of the company would be as that of acquisition of the firm. The valuation of land and assets of firm though valued by the valuer will not change or alter the cost of acquisition of the firm despite valuation of assets of the firm and would remain the same, and therefore the cost of acquisition of the company would be cost of acquisition of the firm - AT

View Source

← Previous Next →

The firm is succeeded by the company, therefore, the cost of ...

Firm to Company Transition: Original Acquisition Cost Remains Unchanged Despite Asset Revaluation.

June 9, 2016

Case Laws Income Tax AT

You may also like:

Addition of capital gain - cost of indexation - JDA property - Though in the definition of 'indexed cost of acquisition', the word used are, "in which the asset was held...

Capital gain - cost of acquisition of assets when partnership succeeded to company - Section 49 amended after filing of return - a new tax liability cannot be created by...

Depreciation - Cost of acquisition - depreciation to be allowed on WDV of the predecessor or Revaluation of assets - Conversation of firm to a company - The assessee as...

Peak customs duty rates remains unchanged.

Claim of depreciation - Ownership - scope of explanation to Section 32(1) - Cost of the Hospital building constructed by the partnership firm reimbursed by the Assessee...

Capital gains computation - cost of acquisition relates back to date of transfer through will/family settlement to beneficiary. Determination of indexed cost of...

Depreciation on goodwill claimed on acquisition of its subsidiary - the assessee company was holding 95% of total equity share capital of its subsidiary RMIPL prior to...

The Income Tax Appellate Tribunal (ITAT) allowed the assessee's appeal for statistical purposes in relation to the computation of capital gains arising from the transfer...

Vicarious liability of partner of the firm - separate identity of partnership firm - merely the petitioner running a firm, but it is not a legal entity and it cannot be...

Depreciation on intangible assets - case of conversion of partnership firm into a company - determination of WDV / cost of acquisition - As actual cost to the assessee...

Transitional credit - TDS was transitioned under Section 140 of the TNGST Act, 2017, along with the “purchase tax” - The High court held that there is no scope for...

Capital Gain - property received by way of gift - Cost of acquisition of the asset shall be the cost for which the previous owner of the property acquired it, as...

Capital gain computation - cost of acquisition as well as cost of construction - AO has not even attempted to verify the correctness of the cost of land and construction...

Exemption 10(37) - acquisition of the urban agricultural land as a compulsory acquisition - - merely because the sale price was fixed through a negotiated settlement,...

Defining the cost of acquisition in case of certain assets for computing capital gains - 'Cost of acquisition’ and ‘cost of improvement’ of certain assets like...

Quick Updates: