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2002 (9) TMI 24 - HC - Income TaxTransfer of business – going concern – capital gains - assessee has come up in reference against the finding of the Tribunal that the transaction of sale of assets as a going concern is exigible to capital gain tax whereas the Department has come up in reference on the question of deduction available under section 48 in respect of the land and the deletion of the addition on account of the closing stock. The Department has also sought a reference with regard to the interest levied under section 234B - Tribunal ought to have held that as the business as a going concern was the capital asset which was the subject of the transfer and not the individual assets and the gain, if any, on the transfer of the business as a whole had to be computed and brought to tax - Tribunal is right in law and fact in holding that the land must be treated as a long-term capital asset and the assessee is entitled to the deduction under section 48(2)
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