Held - Transfer of a going concern means transfer of a running business which is capable of being carried on by the purchaser as an independent business. Such transfer of business as a whole will comprise comprehensive transfer of immovable property, goods and transfer of unexecuted orders, employees, goodwill etc.

It implies that the business will continue in the new hands with regularity and a nature of permanency.

In the present.....

Held - Going concern is not included in the GAAP (Generally Accepted Accounting Principles) but included in the GAAS (Generally Accepted Auditing Standards). Accounting standards determine what a company disclose on its financial statements if there are doubts about it's ability to continue as a going concern. Conditions that lead to substantial doubt about going concern include the following like negative trends in operating results, continuo.....

Held - The benefit of the said notification as stipulated under SI.No.2 of the Notification No.12/2017- Central Tax (Rate) dated 28.06.2017 will be eligible to the transfer of business as a going concern, only and only when such transfer is supply of service and not when such supply is sale of goods. Thus it follows from the above that, in case the transfer of business as a going concern involves a supply of sate of assets which deserves treat.....

Held - We find that transfer of business assets is to be considered as supply of goods. The transfer of business assets implies that a part of the assets are transferred and not the whole business. In the applicant’s case, only one outlet of his business chain is being transferred/ sold to the recipient. Thus, it is not a case of transfer of an ongoing concern in whole. Further, the transaction is also not covered under the clause ‘transfe.....

Held - We find that the applicant is carrying on the business of constructing residential/commercial complexes and selling thereof and the applicant firm come into existence particularly for the said project. Further on perusal of the sale deed dated 24.10.2019, we find that the applicant has sold the under-construction building, as a whole, situated at village- Manoharpur, Pargana-Jwalapur, District-Hardwar with its all assets and transfer th.....

Held - We observe that a transfer of a as a going concern is the sale of a business including assets. In terms of financial transaction ‘going concern’ has the meaning that at the point in time to which the description applies, the business is live or operating and has all parts and features necessary to keep it in operation.

We find that the applicant is carrying on the business of manufacturing of textile yarns, fabrics and garment.....