https://www.taxtmi.com/caselaws?id=75719 The court upheld the levy of interest under sections 234B and 234C of the Income-tax Act, emphasizing their automatic application. It determined that the transaction could be classified as a "slump sale," but this did not absolve the assessee from tax liability. The court also confirmed the Assessing Officer's computation of book profits under section 115JA and held that the provisions of section 50B were applicable for the assessment year 1999-2000. The Tribunal's decision on rectification under section 254(2) was affirmed. The Revenue's appeals were allowed, restoring the interest levied, while the assessee's appeals were dismissed. en-us Wed, 30 Sep 2009 00:00:00 +0530 Thu, 31 Jan 2013 16:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=75719 The court upheld the levy of interest under sections 234B and 234C of the Income-tax Act, emphasizing their automatic application. It determined that the transaction could be classified as a "slump sale," but this did not absolve the assessee from tax liability. The court also confirmed the Assessing Officer's computation of book profits under section 115JA and held that the provisions of section 50B were applicable for the assessment year 1999-2000. The Tribunal's decision on rectification under section 254(2) was affirmed. The Revenue's appeals were allowed, restoring the interest levied, while the assessee's appeals were dismissed. Case-Laws Income Tax Wed, 30 Sep 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=75719