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Showing contexts for: Section 35AD in Dy Commissioner Of Income Tax Cc-5(2), ... vs Jet Privilege Private Limited, Mumbai on 11 November, 2024Matching Fragments
(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.
15. Section 50C provides that the difference between the consideration paid as part of slump sale and the net worth of the undertaking transferred shall be taxed as capital gains in the hands of the vendor. In the books of the purchaser the assets and liabilities acquired as part of slump sale are recorded at book value and the additional consideration paid in excess of net asset value is recorded as goodwill. On perusal of records including the notes forming part of the accounts (refer relevant part extracted in the earlier part of this order), we notice that the for the purpose of arriving at the value of goodwill the net asset i.e. Assets less Liabilities, have not been considered based on the value as per the books of M/s.Jet Airways India Limited but includes the value of some intangible assets as per the valuation C.O No. 98 , 100 to 102/Mum/2023, ITA Nos.