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2013 (5) TMI 719 - AT - Income TaxSlump sale - CIT (A) valued the Land & Building as per section 50C & taken the FMV of Rs. 1,45,03,819/- and for movable assets the sales consideration is ARBITRORILY derived as Rs. 43,13,925/- - Held that:- There is no dispute on the facts and figures that the sale consideration of the movable and immovable assets of the restaurant is Rs. 1.35 Crs. The answer is negative considering the retention of certain assets undisputedly. In such circumstances, the finding of the CIT(A) that it is not the case of a slump sale confirmed - dismiss the AO's manner of invoking the provisions of section 50B relating to the slump sale. In the result the capital gains have to be computed only in accordance with the provisions of section 50. It is also a fact that the CIT (A) should have granted an opportunity to the AO while invoking the different provisions for the first time, deviating entirely from the manner of assessment done by the AO. It is also a fact that there is no dispute about the applicability of provisions of section 50C to the depreciable assets referred to in section 50 of the Act. Of course, assessee made a concession that for want of finality of the litigation he shall not make an issue regarding the adoption of the FMV of the land and building. Considering the above there is need for re-computation of the capital gains in accordance with the provisions of section 50 of the Act - appeal filed by the assessee is allowed for statistical purposes.
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