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2010 (10) TMI 673 - KERALA HIGH COURTSlump sale - whether the sale of the industrial units by the respondent-assessees with the land, building, plant and equipments as going concerns to another company during the previous year cannot be assessed to tax for capital gains as "slump sale" under Section 50B but assessable for capital gain as sale of depreciable assets under Section 50 of the Income Tax Act. - Held that:- sale of the undertaking is a slump sale within the meaning of Section 2(42C) assessable under Section 50B of the Act and assessee also rightly styled the transaction as such as "slump sale" in the sale documents and even got the Auditor's report prepared and filed along with return in terms of Section 50B(3) of the Act. - assessment was rightly made by the Officer under Section 50B treating the transaction as "slump sale".
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