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2008 (11) TMI 336 - HC - Income TaxWhether, Tribunal is right in holding that the sale of the Betalactum Division by the assessee-company was a slump sale to which sections 50 and 50A are not applicable and that long-term capital gain is to be computed by indexing the cost of acquisition of the Betalactum Division and its improvement?” - Assessee pointed out that the term “block of assets” in section 2(11) of the Act only referred to depreciable assets. - It is patent from the above that in the present case, sale proceeds received by the assessee are from sale of a going concern, which is slump sale and the same is not sale of block of assets which term refers only to depreciable assets. Thus, section 50 is not applicable. - The view of the Tribunal is, thus, consistent with the settled law. - No substantial question of law arises for consideration. - The appeal is dismissed.
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