assessee that
the specific provisions of section 47(xiii) which prevail over the general
provisions i.e. section ... factual aspects of the
matter, it is necessary to reproduce section 47(xiii) and 49 for the
purpose of clarity and reference.
Section 47 : Transactions
cannot be construed as transfer of capital
asset. Referring to Section 47(xiii) of the Act, the Ld.counsel
submitted that any transfer of capital ... assessee on the
ground that the condition stipulated in Section 47(xiii) (c) of the Act
7 I.T.A. No.1047/Chny
following transfers :-
.....
Clause (xiii) of Section 47 which is relevant is
quoted below for ready reference:
47[(xiii) 48(any
transfer of a capital asset ... gains
tax liability by virtue of Section 47(A)(3) of the Act read
with Section 47(xiii
succession of firm by it as per the
provisions of section 47(xiii) of the I.T. Act.
2.2 The CIT(A) ought to have ... business falls within the ambit and scope
of provisions of s. 47(xiii) of the Act as:
1. There is a transfer of entire assets
failed to realize that
conditions precedent being met for succession under 47(xiii) the claim for depreciation made on the
assets on the date ... liabilities relating to business stood transferred
under the provisions of section 47 (xiii) . We submit that there is also an express reference to the
intangible
justified in observing that the aforesaid
intangible assets were under Section 47 (xiii) of the IT Act.
ITA No. 204/Bang/2018
Page ... transferred to the Appellant in the succession as contemplated
under Section 47(xiii) of the IT Act.
4. The lower authorities have failed to appreciate
term capital gain since, clause (b) of the provision of section 47 (xiii) of IT
Act was not fulfilled as on verification it was found ... satisfied the case of
the assessee is not covered u/s 47(xiii) of I T Act, 1961 and hence any
ITA No. 6902
entitled to exemption in
respect of capital gains as per section 47 (xiii)
whereas the computation of depreciation in the
hands of the successor appellant ... this Court, on consideration of
the provisions of Section 47(A) (3) and Section 47(xiii)(b) of
the Act of 1961, held that
2015 interpreting the provisions of Section 47
(xiii) Proviso (b) read with Section 47A of the Income Tax
Act (For short ... gains tax
liability by virtue of Section 47(A)(3) of the Act
read with Section 47(xiii
transferred
to the Appellant in the succession as contemplated under Section
47(xiii) of the IT Act.
4. The lower authorities have failed to appreciate ... that neither under
Section 47(xiii) or elsewhere in the IT Act is there a stipulation that
ITA No. 2255/Bang/2018
Page
