TMI Blog2018 (6) TMI 1807X X X X Extracts X X X X X X X X Extracts X X X X ..... ned value and the AO perceived the sale to be a slump sale where the entire undertaking was perceived to have been sold without any itemization - HELD THAT:- In course of the assessee s appeal before the Commissioner (Appeals), the Commissioner (Appeals) not only discovered that some of the liabilities pertaining to the tea estate had not been transferred to the transferee, but also that the sale ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as separately provided for in the balance-sheet as agricultural development reserve. On the Commissioner s detailed inquiry as to the manner in which the sale was conducted, Commissioner (Appeals) was satisfied that it was not a slump sale. Commissioner (Appeals) referred to several judgments; but at the end of the day, it was a pure consideration on facts and it is such factual finding which h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as a slump sale. The Assessing Officer found that in course of the sale of a tea estate by the assessee, the land and the agricultural part of the business was given a particular value and all other assets of the tea estate were given another combined value and the Assessing Officer perceived the sale to be a slump sale where the entire undertaking was perceived to have been sold without any itemi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntation land was not a depreciable asset. The valuer found the value of the land and plantation to be about Rs.12.20 crore. The cost of such land and plantation in the assessee s books was about Rs.6.97 crore. A profit of about Rs.5.23 crore was disclosed on the transfer which was separately provided for in the balance-sheet as agricultural development reserve. On the Commissioner s detailed inqui ..... X X X X Extracts X X X X X X X X Extracts X X X X
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