computation
of capital gains in case of slump sale. Sub-Section (1) of Section 50B
of the Act reads as follows :
“Any profits or gains ... held that section
2(42C) of the Act was inapplicable. If that was
not applicable and was not attracted, then,
section 50B was also inapplicable
constitute “slump sale” as per
Section 2(42C) of the Act and hence the provisions of Section 50B will
not be applicable. The Revenue preferred ... constitute “slump sale” as per Section
2(42C) of the Act and hence provisions of Section 50B will not be
applicable. The same grounds have
amount of relief to which the accountable person was entitled under Section 50B of the Estate Duty Act, 1953. The Tribunal having held in favour ... expression that is used in several other sections of the Act. They must bear uniform meaning. Section 50B of the Estate Duty Act refers
Income Tax Appellate
Tribunal was right in law in holding Section 50B was
not applicable to the facts of this case, even though ... treating this transactions as a slump sales as per provisions of
Section 50B of the Act.
9. The assessee submitted their reply stating that
there was
no change during the year under consideration. Referring to Section 50B of
the Act, it was pointed out that it is a special ... purpose of
Sections 48 and 49 of the Act as has been specifically provided under sub-
section (2) of Section 50B of the Act. Further
tenant and the previous owner of the
premises. As per Section 39 of the Indian Electricity ... provision for compounding was inserted by way of amendment in
Section 50B, but, the same is applicable only for compounding of the
criminal proceedings
Directors of the petitioner company approved a scheme of arrangement under Sections 391 and 394 of the Companies Act for reconstruction of the petitioner company ... worth of the undertaking sold as prescribed under Section 50B of the Income Tax Act. The relevant assessment year is 2006-2007 and the capital
However, the case was reopened under Section
147 of the Act by issuance of a notice dated 10.3.2014. It was stated
that the Assessing Officer ... gains amounting to Rs.3,80,25,26,600/- as per
Section 50B of the Act. The sale consideration
being the amount towards compounding of the alleged offence under
Section 50B of the State amended provision under the Indian
Electricity Act . The petitioner further
long
term capital assets in view of Section 2(29A) read with
Section 2(42A) of the Income Tax Act, 1961 since not held ... ITAT
contrary to the express provisions contained in the proviso
to Section 50B(1) of the Income Tax Act, 1961 makes the
order legally untenable
