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2015 (4) TMI 972 - AT - Income TaxComputation of Capital gain - Disallowing the claim of the assessee as 'slump sale' - No evidence on records to show entries regarding transfers of current assets & liabilities - Held that:- The assessee put a contention that the he had sold all the assets and liabilities including current assets and liabilities in respect of business of processing of profile grinding operations to M/s. S.R.P. Tools Limited and being so it is considered as “slump sale’’. If the argument of the assessee is correct there should be transfer of inventories, sundry debtors, cash and bank balances, interest receivable, loans and advances and also current liabilities and provisions. However, in the present case, assessee has not placed any evidence to suggest the current assets and liabilities has been transferred to purchaser by passing appropriate entries in its books of accounts. If this current assets have been transferred the assessee should have furnished the details of the same. Being so, in our opinion evidence brought on record does not clearly suggest that this is 'slump sale'. Hence, it is appropriate to remit the issue in dispute back to the file of the Assessing Officer with a direction to examine the books of accounts of the assessee so as to verify whether all the assets and liabilities including current assets and liabilities have been duly transferred to the purchaser as per MOU dated 03.10.2005 and also examine relevant parties herein including the person who has issued certificate in form No.3CEA dated 02.11.2006. With these observations, we are remitting the entire issue back to the file of the Assessing Officer for fresh consideration. - Appeal filed by assessee is allowed for statistical purpose.
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