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 (4) including any entry revised under sub-section (5), shall be presumed to be correct. (7) The provisions of this section shall not apply ... final publication under sub-section (2) of section 51A. (8) When an order has been made under sub-section (1), no Civil Court shall entertain
Finance Ltd. Vs. DCIT
within the sweep of Sec. 50B r.w. Sec. 2(42C) and Explanation 1 of
Sec. 2(19AA ... brought the same to tax in terms
of the provisions of Sec. 50B of the „Act‟. The A.O after treating the
amount
Frazer & Co.Ltd.(137ITR
493) and referred to provisions of section 50B of the Act. He held that the said section had
been introduced ... considered the
cost of acquisition,that he had applied section 50B of the Act for all practical purposes,that
the provisions of section 50B were
section 50 B of the Act were subject to the provisions of section 45 and section 48 , that
there was nothing in the section about ... Tribunal has dealt the issue as under:
"(e) Sub-section (2) of section 50B makes it abundantly clear that the undertaking or division
Assessing
Officer treated the transaction as slump sale under section 50B of the Act
and short-term capital gain was computed taking the sale consideration ... slump sale as defined in section 2
(42C) of the Act and taxable within the meaning of section 50B of the
Act. As regard
50B, even after specifically emphasizing and
concluding the inapplicability of the section 50B to the very nature of transfer, effected by
the Appellant.
That ... CITA
was justified in upholding the invocation of provisions of section 50B of the Act in the
facts and circumstances of the case
M/S Mass Awash Pvt.Ltd.Thru Its ... vs Commissioner Of Income Tax ... on 10
Long Term Capital Gain in accordance with the
provisions of Section 50B of the Act.
4. Upon assessee's appeal Ld. CIT-A held ... Bench is of no relevance in the case of
the appellant.
Section 50B mentions that the net worth of the undertaking on
the date
business was on a slump sale by applying the provisions of Sec.50B
and the liabilities which have been claimed for deduction now have also ... claim of the assessee has been changed to say that Sec.50B
itself does not apply. It was a further submission that the Writ Petition
