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TMI Blog2023 (10) TMI 1052X X X X Extracts X X X X X X X X Extracts X X X X ..... i R.K. Pikale For the Revenue : Shri N. Shrikanth ORDER PER R.S.SYAL, VP : These two appeals by the assessee relate to the assessment years 2009-10 & 2010-11. Since a common issue is raised in these appeals, we are, therefore, proceeding to dispose them off by this consolidated order for the sake of convenience. A.Y.2009-10 : 2. The assessee has raised an additional ground to the effect that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3-09-2005 under Part IX of Indian Companies Act. Thereafter, M/s.Umicore Finance Luxembourg, a non-resident company, firstly purchased 99.96% of the shares of the Indian company, namely, M/s. Anandeya Zinc Oxides Pvt. Ltd. and later on the remaining shares as well. Control and Management of M/s.Umicore Finance Luxembourg is outside India. M/s. Anandeya Zinc Oxides Pvt. Ltd. is a wholly owned subsi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ued or arose at the time of conversion of partnership firm into Private Limited company and the position did not change in terms of non-compliance of section 47(xiii) by reason of the premature transfer of shares. The Revenue preferred writ petition against the ruling of the AAR. During the pendency of the writ petition, the AO held that there was such short term capital gain of Rs. 2.00 crore to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... whether short term or long term. Resultantly, the depreciation allowed has to be withdrawn. In view of this, Ground No.1 of the assesses' appeal against the disallowance of depreciation on the transfer value of the asset to the extent of Rs. 68,79,894/- is dismissed and Ground No.2 against the gain on transfer of technical know-how being treated as short term capital gain to the extent of Rs. 2.0 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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