Chapter XII-DA - SPECIAL PROVISIONS RELATING TO TAX ON DISTRIBUTED INCOME OF DOMESTIC COMPANY FOR BUY-BACK OF SHARES (From Section 115QA to Section 115QC)
Part C - Procedure for filing of return in respect of fringe benefits, assessment and payment of tax in respect thereof (From Section 115WD to Section 115WM)
Chapter XX-B - REQUIREMENT AS TO MODE OF ACCEPTANCE, PAYMENT OR REPAYMENT IN CERTAIN CASES TO COUNTERACT EVASION OF TAX (From Section 269SS to Section 269TT)
Slump sale capital gains: net worth deemed cost and fair market value deemed full consideration for taxation. Profits from a slump sale are taxed as capital gains with the undertaking or division's net worth deemed to be the cost of acquisition and improvement; fair market value of assets on the date of transfer is deemed the full value of consideration. Net worth equals total assets minus liabilities per books, ignoring revaluation; depreciable assets use written down value, goodwill not purchased is nil, section 35AD assets with full allowance are nil, and other assets use book value. An accountant's report in the prescribed form certifying the net worth computation must be furnished by the specified date.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Slump sale capital gains: net worth deemed cost and fair market value deemed full consideration for taxation.
Profits from a slump sale are taxed as capital gains with the undertaking or division's net worth deemed to be the cost of acquisition and improvement; fair market value of assets on the date of transfer is deemed the full value of consideration. Net worth equals total assets minus liabilities per books, ignoring revaluation; depreciable assets use written down value, goodwill not purchased is nil, section 35AD assets with full allowance are nil, and other assets use book value. An accountant's report in the prescribed form certifying the net worth computation must be furnished by the specified date.
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