Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2017 (5) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (5) TMI 539 - GUJARAT HIGH COURTReopening of assessment - slump sale transaction undisclosed - Held that:- Number of questions were raised by the A.O. during the original assessment proceedings with respect to the transaction in question, more particularly whether the sale is on slump sale basis or not. The original assessment was under section 143(3) of the Act. During the course of the assessment proceedings, the assessee produced / supplied requisite documents / materials / details, including details of bank accounts, month wise sale and purchase of the petitioner, all requisite financial details, copy of the Article of Association, details qua stock hypothetical, details related to Slump Sale, copy of the Slump Sale Agreement, details of the payment received under the Slum Sale and documents relating to Slum Sale, etc. and during the course of hearing the assessee also submitted detailed explanation with respect to slump sale and only thereafter the A.O. upheld the fact that the transaction was in fact a slump sale transaction. It was specifically declared by the assessee that what was sold by the assessee was activity of manufacturing elevators. Therefore, as such it cannot be said that the assessee did not disclose true and correct facts necessary for the assessment. It is required to be noted that even the issue as to whether the transaction can be said to be sale of goodwill and/or trademark also came to be considered in detail by the A.O. and only thereafter the transaction in question was considered on slump sale basis. - Decided in favour of assessee.
|