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2004 (6) TMI 25 - HC - Income TaxCapital gains tax - "Whether Tribunal is right in law and had valid materials to hold that the consideration for the purpose of computing the capital gains should be taken at Rs. 3 crores and that the Commissioner of Income-tax should not have directed the Assessing Officer to replace Rs. 3 crores by Rs. 5.97 crores?" - agreement with subsidiary company for sale of manufacturing unit as a going concern for a sum of Rs. 3 crores. The Assessing Officer came to the conclusion that sum of Rs. 3 crores received as sale consideration would be subject to "capital gains" tax - Since the appeal filed by the assessee challenging the levy of capital gains tax on the transfer of its manufacturing unit on the basis that it was a slump sale would not attract the levy of capital gains tax, is pending before the Tribunal, on determination of the said question regarding the liability of the assessee to pay the tax on the transfer of the assets, the question regarding quantum of amount of capital gains need not be gone into. We are, therefore, of the view, the interest of justice would be met by setting aside the order of the Income-tax Appellate Tribunal which is adverse to the interest of the Revenue and remit the matter to the Appellate Tribunal
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