Allowing the appeal of the assessee the Tribunal held that , the amount received on account of transfer of business is taxable as capital gains and not as business income, consequently deduction u/s 54EC is available in respect of investment made in Govt Bonds .(ITA No 5209/Mum/ 2017 dt 5-2-2018 ( AY.2006-07)
Suklendu A.Baji v.DCIT ( Mum) (Trib)
S.45: Capital gains- Amount received on transfer of rights to carry on any business is taxable as capital gain and not as business income [ S.28(va),54EC ]