Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2014 (1) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (1) TMI 87 - HC - Income TaxTaxability of sale consideration of a going concern - Slump sale or not - Held that:- Following CIT v. B.C. Srinivasa Setty [1981 (2) TMI 1 - SUPREME Court] - When in a case, the computation provisions do not apply, such a case would not come within the ambit of Section 45 - In the case of assessee - The material on record discloses that it is a case of slump sale - The said sale has taken place prior to the amendment introducing Section 50B, which has come into effect from 01.04.2000 - As per the law stood then, it was not taxable - Merely because the assessee has given split up figures of how he has claimed and received the consideration from the purchaser, it would not take the goods out of slump sale -Tthe authorities were justified in holding that Section 45 of the Act is not attracted - Decided against Revenue.
|