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2009 (8) TMI 72 - HC - Income TaxTransfer u/s 2(47) – Revenue versus capital expenditure – Succession of Business u/s 170 - 100% share holding of the company transferred to New Management – held that - A bare reading of Section 170 shows that the transfer of the business should be from one asssessse to another. Person under Section 2(31)(iii) of the Income Tax Act includes a company. Under Company Law, a company is a juristic person. The share holders are not the owners of the company. It is the company itself which is its own owner having its own seal and succession – Section 170 is not applicable – There is no transfer as per section 2(47) in the hands of company – Expenditure incurred on repairs and renovations are revenue expenditure.
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