https://www.taxtmi.com/caselaws?id=202493 The High Court of Karnataka dismissed the Revenue's appeal challenging the application of section 41(2) of the Act in assessing capital gains on the transfer of an undertaking for the assessment year 1995-96. The Court found that the transfer constituted a slump sale, not attracting capital gains tax, and distinguished the case from previous judgments. By emphasizing the need to consider the individual circumstances of each case, the Court ruled against the Revenue, clarifying the interpretation of section 41(2) and upholding the decision in favor of the assessee. en-us Wed, 17 Mar 2010 00:00:00 +0530 Fri, 28 Dec 2012 18:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=202493 The High Court of Karnataka dismissed the Revenue's appeal challenging the application of section 41(2) of the Act in assessing capital gains on the transfer of an undertaking for the assessment year 1995-96. The Court found that the transfer constituted a slump sale, not attracting capital gains tax, and distinguished the case from previous judgments. By emphasizing the need to consider the individual circumstances of each case, the Court ruled against the Revenue, clarifying the interpretation of section 41(2) and upholding the decision in favor of the assessee. Case-Laws Income Tax Wed, 17 Mar 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=202493