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2003 (5) TMI 46 - HC - Income TaxThe assessee contended that the undertaking having been sold at a slump price and no amount being attributable to depreciable and non-depreciable assets, distinctly, the decision of the learned Tribunal was a mistake apparent from the record that required to be corrected. This application under section 254(2) having been dismissed, the present appeal has been filed under section 260A - whether this slump price would be subjected to tax under the head "Income from business" having regard to section 41(2) – We hold that the income on account of slump price in this case is subject to chargeability under the head "Capital gains". - The matter is remitted to the learned Tribunal to determine the question afresh in the light of the observations made in this decision for deciding the amount of capital gains chargeable on the slump price in accordance with law, if necessary.
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