{"id":5074,"date":"2019-04-21T16:29:41","date_gmt":"2019-04-21T16:29:41","guid":{"rendered":"http:\/\/itatonline.org\/digest\/oricon-enterprises-limited-v-acit2018-171-itd-231-67-itr-433-mumtrib-www-itatonline-org\/"},"modified":"2019-04-21T16:29:41","modified_gmt":"2019-04-21T16:29:41","slug":"oricon-enterprises-limited-v-acit2018-171-itd-231-67-itr-433-mumtrib-www-itatonline-org","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/oricon-enterprises-limited-v-acit2018-171-itd-231-67-itr-433-mumtrib-www-itatonline-org\/","title":{"rendered":"Oricon Enterprises  Limited v. ACIT(2018) 171 ITD 231\/ 67 ITR 433    ( Mum)(Trib), www.itatonline.org"},"content":{"rendered":"<p>Allowing the appeal of the assessee the Tribunal held that ,<strong>a transaction by which an undertaking is transferred in consideration of the allotment of shares is an &#8220;exchange&#8221; and not a &#8220;sale&#8221;. The fact that the agreement refers to the parties as &#8220;seller&#8221; and &#8220;purchaser&#8221; is irrelevant. S. 2(42C) and S. 50B apply only to &#8220;sale&#8221; and not to &#8220;exchange&#8221;. As there is no estoppel against a statute, an assessee is entitled to raise the claim regarding non-taxability at any stage of the proceedings .<\/strong>( ITA No. 2913\/Mum\/2015, dt. 16.05.2018)(AY. 2007-08)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S.45: Capital gains- Exchange -Slump sale -A transaction by which an undertaking is transferred in consideration of the allottment of shares is an &#8220;exchange&#8221; and not a &#8220;sale&#8221;. The fact that the agreement refers to the parties as &#8220;seller&#8221; and &#8220;purchaser&#8221; is irrelevant. S. 2(42C) and S. 50B apply only to &#8220;sale&#8221; and not to &#8220;exchange&#8221;. As there is no estoppel against a statute, an assessee is entitled to raise the claim regarding non-taxability at any stage of the proceedings [ S.2(42C), 50B ]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-5074","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-1jQ","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/5074","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=5074"}],"version-history":[{"count":0,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/5074\/revisions"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=5074"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=5074"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=5074"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}