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What is Proprietary Concern Sale Tax Exemption about?

The document summarizes a tax court case from 2011 regarding the sale of a proprietary business by an assessee to a company. The assessee claimed the sale was exempt from capital gains tax under Section 47(xiv) of the Income Tax Act, while the tax authorities assessed it as a taxable "slump sale" under Section 50B. The tax court ruled in favor of the assessee, finding that the conditions of Section 47(xiv) were met since the proprietary concern was transferred as a going concern in exchange for shares, with

Author

Jarchit28

Language

EN