Firm of chartered accountants, transferred its client relationship and goodwill pertaining to its business of internal audit and risk consultancy (IARC) practice to an international firm for consideration of certain amount and invested the consideration in specified bond. Entitle to exemption. (AY. 2011-12)
J.C. Bhalla & Co. v. ACIT (2019) 177 ITD 1 182 DTR 195 (Delhi)(Trib.)
S. 54EC : Capital gains-Investment in bonds-Chartered Accountant firm-Capital gains from sale of its client relationships and goodwill pertaining to its business of internal audit and risk consultancy (IARC) practice-Investment in specified bonds- Eligible to exemption. [S. 2(14), 28(va), 45, 55(2)(a)(ii)]