https://www.taxtmi.com/caselaws?id=75370 The Tribunal determined that the sale of the Betalactum Division constituted a slump sale, not a sale of block of assets, under sections 50 and 50A of the Income-tax Act, 1961. It held that the sale of a going concern, even with retained assets, did not fall under sections 50 and 50A. The appellant's claim of long-term capital loss was upheld, dismissing the Revenue's argument for taxing the excess sale consideration as short-term capital gain. The Tribunal's decision was affirmed, dismissing the Revenue's appeal. en-us Tue, 04 Nov 2008 00:00:00 +0530 Sat, 10 Apr 2010 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=75370 The Tribunal determined that the sale of the Betalactum Division constituted a slump sale, not a sale of block of assets, under sections 50 and 50A of the Income-tax Act, 1961. It held that the sale of a going concern, even with retained assets, did not fall under sections 50 and 50A. The appellant's claim of long-term capital loss was upheld, dismissing the Revenue's argument for taxing the excess sale consideration as short-term capital gain. The Tribunal's decision was affirmed, dismissing the Revenue's appeal. Case-Laws Income Tax Tue, 04 Nov 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=75370