https://www.taxtmi.com/caselaws?id=212606 The court upheld the taxability of Rs. 375 lacs as capital gains under Section 50B of the Income Tax Act in a case involving a Scheme of Arrangement sanctioned by the High Court. It clarified that Section 50B applies to transfers of business for lump sum consideration without individual values assigned to assets and liabilities. The court rejected arguments against the applicability of Section 50B to court-sanctioned arrangements, emphasizing the broad interpretation of 'slump sale' and 'transfer'. The petition was dismissed, affirming the tax liability and highlighting the inclusive nature of the term 'transfer' under the Act. en-us Fri, 30 Mar 2012 00:00:00 +0530 Thu, 26 Nov 2015 15:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=212606 The court upheld the taxability of Rs. 375 lacs as capital gains under Section 50B of the Income Tax Act in a case involving a Scheme of Arrangement sanctioned by the High Court. It clarified that Section 50B applies to transfers of business for lump sum consideration without individual values assigned to assets and liabilities. The court rejected arguments against the applicability of Section 50B to court-sanctioned arrangements, emphasizing the broad interpretation of 'slump sale' and 'transfer'. The petition was dismissed, affirming the tax liability and highlighting the inclusive nature of the term 'transfer' under the Act. Case-Laws Income Tax Fri, 30 Mar 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=212606