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
assets of chemical units as a slump sale u/s. 2(42C) read with
section 50B of the Act. For this, assessee has raised following ... determined in accordance with Sec. 50 read with Sec. 43(6)(c) for depreciable assets and for
stock its business income
which could be computed
as per the provisions of section 2(42C) read with section 50B. He
contended that the ld. CIT(Appeals ... accordingly
section 2(42C) was inapplicable. The addition made by the Assessing
Officer by invoking section 2(42C) read with section 50B accordingly was
held
scope and intent of sec. 154 of the Act or not? The AO
interpreting the provisions of section 50B of the Act enhanced a LTCG ... purposes of sections 48 and 49 of the Act. The net worth
for the purpose of section 50B of the Act is equal
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 ... shareholding in SRIE Insurance Broking Pvt. Ltd. was taxable under Section 50B of the
Act as a slump sale.
25 The argument of the petitioner
purview of slump sale and consequently the provisions of Sec. 50B of the Act
are not attracted. However, the AO disagreed with the clarification ... Trib.)
The head note reads as under :
Section 2(42C) , read with Section 50B , of the Income-tax Act, 1961 -
Capital gains -Slump sale (Meaning
whole and as going concern.
Therefore, the provision of Sec. 50B of the Act is attracted to this transaction.
Accordingly, AO sought clarification from ... assessee for the applicability of
the provision of Sec.50B of the Act. In compliance to the notice, assessee
submitted that all the assets were
Thereafter ld. Assessing Officer perused the provision of section
50B of the Act, which is a special provision for computation of
capital gain in case ... long-term capital gain/ loss from slump sale
claimed under section 50B of the Income Tax Act was disallowed
and added to the income
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
sale in
question was a slump sale within the meaning of Sec.50B of the Act. The AO
accordingly computed capital gain ... Sec.2(42C) of the Act and the method of
computation of capital gain on slump sale is given in Sec.50B
