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2019 (8) TMI 145 - AT - Income TaxSlump sale - section 50B applicability - assessee sold sea food business undertaking for a lumpsum consideration as a going concern - assessee claimed that it was sale of depreciable assets and should be reduced from block of assets - HELD THAT:- Clauses of the sale deed that the assets of the assessee including goodwill, intellectual property rights, trademark were sold for a lumpsum consideration. The terms of agreement are very specific and clear and there is no need for importing any other meaning. Since the assets and liabilities of the sea food business undertaking were sold by the agreement cited supra, the sale will consequently fall in line with the idea of slump sale as per the provisions of section 2(42C). Since the assessee sold the entire undertaking with all its assets and liabilities together with all licences, permits, approvals, registration, contracts, employees and other contingent liabilities also for a slump price, this kind of sale falls under the purview of section 50B. In our opinion, the provisions of section 50B are applicable so as to ascertain computation of capital gain in this case. No infirmity in the order of the CIT(A) and the same is confirmed. This ground of appeal of the assessee is dismissed.
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