TMI BlogSpecial provision for computation of capital gains in case of slump saleX X X X Extracts X X X X X X X X Extracts X X X X ..... fer of long-term capital assets and shall be deemed to be the income of the previous year in which the transfer took place : Provided that any profits or gains arising from the transfer under the slump sale of any capital asset being one or more undertakings owned and held by an assessee for not more than thirty-six months immediately preceding the date of its transfer shall be deemed to be t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed form 5 [ a report of an accountant as defined in the Explanation below sub-section (2) of section 288 before the specified date referred to in section 44AB ] indicating the computation of the net worth of the undertaking or division, as the case may be, and certifying that the net worth of the undertaking or division, as the case may be, has been correctly arrived at in accordance with the p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of capital asset being goodwill of a business or profession, which has not been acquired by the assessee by purchase from a previous owner, nil; ] 4 [ (b) in the case of capital assets in respect of which the whole of the expenditure has been allowed or is allowable as a deduction under section 35AD, nil; and (c) in the case of other assets, the book value of such assets. ]]] ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of other assets, the book value of such assets . 5. Substituted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-04-2020 before it was read as along with the return of income, a report of an accountant as defined in the Explanation below sub-section (2) of section 288, 6. Substituted vide THE FINANCE ACT, 2021 dated 28-03-2021 w.e.f. 01-04-2021 before it was read as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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