https://www.taxtmi.com/caselaws?id=65457 Both appeals by the Revenue were dismissed, and the assessee's cross-objection was allowed. The ITAT determined that gains from the slump sale of the manufacturing division were not taxable for the assessment year 1995-96, as section 50B provisions were not yet applicable. Additionally, the disallowance of interest on borrowed funds was deleted, affirming that advances to sister concerns were made from sale proceeds, not borrowed funds. en-us Fri, 12 May 2006 00:00:00 +0530 Wed, 06 Mar 2024 12:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65457 Both appeals by the Revenue were dismissed, and the assessee's cross-objection was allowed. The ITAT determined that gains from the slump sale of the manufacturing division were not taxable for the assessment year 1995-96, as section 50B provisions were not yet applicable. Additionally, the disallowance of interest on borrowed funds was deleted, affirming that advances to sister concerns were made from sale proceeds, not borrowed funds. Case-Laws Income Tax Fri, 12 May 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65457