slump sale basis.
To address this issue, Section 2(42C) and Section 50B of the Act were
ITA 1003/2011 Page 4 of 31
introduced ... part of Section 43 of the Act. In the
circumstances, clause (a) of Explanation 2 to Section 50B of the Act must be
read
Section 50(1) of the
ITA 12/2003 Page 10 of 28
Act was inapplicable. The Tribunal also noticed the provisions of Section
50B ... virtue of the Finance Act, 1999 - and held that since Section
50B of the Act was introduced after AY 1997-98, the said provision could
capital
asset as defined under Section 2 (14) of the Act. Mr. Vohra pointed out that
Section 50B was a special provision for computation ... which is inserted with effect from 1 st April 2000. Under
Section 50B (1) profits or gains arising from a slump sale would be
chargeable
petitioner (hereafter "ITDC") has filed the present petition
under Section 34 of the Arbitration and Conciliation Act, 1996
Signature Not Verified
Digitally Signed ... including the hotel 'The Ashok' situated at Diplomatic
Enclave 50B, Chanakyapuri, New Delhi - 110021 (hereafter the
"Ashok Hotel").
4. The respondent
Manjeet Pandey vs State on 19 October, 2020
Author: Vibhu Bakhru
Bench: Vibhu Bakhru
IN
