https://www.taxtmi.com/caselaws?id=210890 The High Court affirmed the Tribunal's decision that the transfer of the IMFL business as a going concern constituted a slump sale. It was held that the sale consideration could not be attributed to individual assets for the purpose of computing capital gains. The Court relied on the Supreme Court's ruling in PNB Finance Ltd. Vs. CIT and noted that the transaction involved both tangible and intangible assets, making itemized allocation impossible. The Court rejected the Revenue's argument for a remand and disposed of the appeal, affirming that the transfer did not fall within Section 45 of the Income Tax Act. en-us Wed, 08 Feb 2012 00:00:00 +0530 Tue, 15 May 2012 16:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=210890 The High Court affirmed the Tribunal's decision that the transfer of the IMFL business as a going concern constituted a slump sale. It was held that the sale consideration could not be attributed to individual assets for the purpose of computing capital gains. The Court relied on the Supreme Court's ruling in PNB Finance Ltd. Vs. CIT and noted that the transaction involved both tangible and intangible assets, making itemized allocation impossible. The Court rejected the Revenue's argument for a remand and disposed of the appeal, affirming that the transfer did not fall within Section 45 of the Income Tax Act. Case-Laws Income Tax Wed, 08 Feb 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=210890