Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2012 (2) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (2) TMI 327 - BOMBAY HIGH COURTSlump sale – A.Y. 1994-95 – Tribunal held non-applicability of capital gains in view of the fact that the IMFL business has been transferred as going concern and therefore a slump sale – Revenue contesting the same – Held that:- In the present case, the position as it existed prior to the insertion of the provisions of Section 50B by the Finance Act of 1999 is dealt with. Neither authorities nor Tribunal were in dispute that transfer of the entire business as a going concern was involved. The Tribunal has corrected the view taken by the authorities by holding that it was not possible to attribute the consideration which was paid, towards the individual assets which form a component part of the transfer of the business hence not possible to compute any chargeable capital gain on the sale of the undertaking as a going concern. View of Tribunal is thereby affirmed. See PNB Finance Ltd vs CIT (2008 - TMI - 31364 – Supreme Court) – Decided against the Revenue.
|