2013 (5) TMI 48

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..... and land appurtenant thereto under a sale deed dated 24.7.1995 for a sum of Rs.4 crore. In the said deed, the separate price for each of the asset like building, plant and machinery, furniture and fittings and land had not been given. The assessee at the time of filing the return of income obtained a certificate from a registered valuer regarding the cost of each asset i.e. building, plant and machinery, furniture and fittings. From the cost price of these assets, the valuer has reduced the depreciation at the rate of 10 to 15% depending upon the asset and worked out the written down value (w.d.v.) from the total sale consideration of Rs.4 crores to arrive at the sale price of land. 3. The Assessing Authority did not accept the said w.d.v .....

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..... y as well as before the First Appellate Authority. It was only before the Tribunal, such a case was made out. The Tribunal relying on its earlier judgment and without properly appreciating the contents of the sale deed and other materials on record has recorded a finding that the sale in question is a slump sale, which is erroneous and therefore, he submits that the order requires to be set-aside. 5. Per contra, the learned counsel appearing for the Assessee supported the impugned order. 6. We have gone through the impugned orders. We have also gone through the sale deed in question. The mere execution of a conveyance of immovable property by itself, do not constitute sale of itemized assets. If the assets transferred constitute running b .....

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..... a slump sale. On receipt of such material, it is for the Assessing Authority after hearing the Revenue to record a finding of fact whether it is a slump sale or not and thereafter, to proceed to assess in accordance with law. That would meet the ends of justice. In that view of the matter, we pass the following order:    (a) Appeals are partly allowed.    (b) The finding of the Tribunal that the sale in question is slump sale and Section 50 of the Act is not attracted is hereby set-aside.    (c) The entire matter is remitted back to the Assessing Authority to enable the Assessee to produce such materials, which are in his possession to substantiate his contention that the sale in question is a slump sale. & .....

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