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2016 (5) TMI 1262 - AT - Income TaxAddition made u/s.50B holding the tea estate as slump sale - CIT(A) deleted the addition - Held that:- We find that assessee has sold two tea estates as going concern but after assigning the value to the individual asset and without transferring all the liabilities. We find that similar issue was also decided by this Tribunal in the case of DCIT v. M/s Tongani Tea Co. Ltd. [2015 (11) TMI 925 - ITAT KOLKATA ] wherein Tribunal has decided the issue in favour of assessee wherein held that the items sold did not include liabilities. The sale agreement did not include investments and deposits. Accordingly, all the investments, deposits, receivables, stock and such other current assets in the form of financial and other assets remained with the assessee-company along with the liabilities. Only those assets which were enumerated in the Schedules and Annexures were sold to the vendee. Therefore, the instant case was one of split sale and not a case of slump sale. Folooe=wing the same parity of reasons the present case is decided in favor of assessee.
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