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
Section 50B in Telangana Tenancy and Agricultural Lands Act, 1950
50B. [ Validation of certain alienation's and other transfers of agricultural lands. [Section
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
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
respect of the said transfer in accordance with the provisions of section
50B of the IT. Act. However, subsequently, the assessee filed a revised
return ... sales within the meaning contained in
section 2(42C) of the Act and therefore, capital gains u/s. 50B would not
be leviable
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
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
contained in Section 2(14)(a) of the Act as well as
Section 45 of the Act. Section 2(14)(a) is to the following ... introduced for
the first time (vide Finance Act, 1999 ) by inserting Section 50B to the Act
with effect from April 01, 2000, laying down
contained in Section 2(14)(a) of the Act as
well as Section 45 of the Act. Section 2(14)(a) is to the following ... introduced for the first time (vide Finance Act, 1999 ) by inserting
Section 50B to the Act with effect from April 01, 2000, laying down
