purposes of
sections 48 and 49 . What is "net worth" has been defined in Explanation
1 to section 50B to mean the aggregate ... computation of capital gain is concerned.
(e) Sub-section (2) of section 50B makes it abundantly clear that the
undertaking or division as a whole
there was no dispute as regards the
applicability of section 2(42C) and section 50B of the Act, that in the case under consideration ... exchange, that he
also held that the provisions of section 2(42C) and section 50B were applicable, that as per the
FAA the assessee could
acquisition for the purpose of Section 48 would be the net worth as computed under the provisions of Section 50B . In view of this legal ... legislature in Section 48 , thus, itself shows that it never intended negative cost of acquisition. Since "net wroth" in Section 50B is deemed
prescribed form 3CEA as per the provisions of Sub-section (3) of Section 50B; but however, the Assessing Officer had computed the same applying ... slump sale within the meaning of Section 2(42C) of the Act attracting the provisions of section 50B of the Act for computation of capital
M/S Manipal Health Systems Pvt Ltd , ... vs Assistant Commissioner Of Income Tax ... on 28
assessee would obviously be liable to capital gains under Section 45 r.w. Section 50B, (ii) if Section 50B is held to be prospective ... levy and computation of capital gains on slump sale. Sub-section. (1) of Section 50B providing for charging of profits of slump sale as capital
placed heavy reliance on the amended provisions of section 50(1) and (2) and section 50B and argued that neither the Income Tax Officer ... facts of this case.
17. Regarding the provisions contained in section 50B , his submission was that the provisions are declaratory in nature because the provisions
accountant furnished by the assessee as per sub- section 3 of section 50B of the Act,
which is relating to computation of capital gains ... transfers" under Section
2(47) . This is apparent as when we read the proviso and sub-section (1) to Section 50B together
section(2) of section 288 of the Income-tax Act, which shows the
computation of capital gain under section 50B of the Income ... charging of provisions
of section 45 are not attracted . We further hold that the provisions
of section 50B are not applicable to this case
Appeals) in working out the taxable short-term capital gain under Section 50B of the Income ... slump sale in view of the provisions contained under Section 50B of the Income Tax Act. The assessee submitted the following reply:
The assessee-company
