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2016 (1) TMI 751 - AT - Income TaxSale of shares of joint venture company - slump sale - CIT(A) treating the sale of shares by the Appellant of its joint venture company as transfer of an undertaking ( i.e. slump sale u/s. 2(42C) of the Act) and hence, determining the capital gain tax liability u/s. 50B, instead of section 48 - Held that:- Considering the provisions of Sec. 50B and Sec. 2(42C) of the Act, in our considered opinion what the assessee has transferred is the shares in UHEL and this transfer of shares cannot be considered to be a slump sale of an undertaking within the provisions of Sec. 2(42C) of the Act, thereby making the applicability of the provisions of Sec. 50B of the Act inapplicable. See Mrs. Bacha F. Guzdar Vs CIT [1954 (10) TMI 2 - SUPREME Court ] - Decided in favour of assessee.
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