https://www.taxtmi.com/caselaws?id=206336 The High Court allowed the appeal, holding that the sale of industrial units qualified as a "slump sale" under Section 50B of the Income Tax Act. The Court remanded the matter to the Tribunal to determine the validity of the assessment reopening under Section 147 and allowed the assessee to contest the computation of capital gains under Section 50B if the Tribunal upholds the income assessments. Additionally, the Court reversed the Tribunal's decision in a related case, restoring the CIT (Appeal) order confirming the assessment. en-us Wed, 06 Oct 2010 00:00:00 +0530 Mon, 17 Dec 2012 13:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=206336 The High Court allowed the appeal, holding that the sale of industrial units qualified as a "slump sale" under Section 50B of the Income Tax Act. The Court remanded the matter to the Tribunal to determine the validity of the assessment reopening under Section 147 and allowed the assessee to contest the computation of capital gains under Section 50B if the Tribunal upholds the income assessments. Additionally, the Court reversed the Tribunal's decision in a related case, restoring the CIT (Appeal) order confirming the assessment. Case-Laws Income Tax Wed, 06 Oct 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=206336