https://www.taxtmi.com/caselaws?id=233462 The High Court remanded the case back to the Assessing Authority for further examination as it found insufficient evidence to confirm whether other movable assets were included in the sale, deeming the Tribunal's decision unsupported by legal evidence. The Court emphasized the need for substantial evidence in determining a slump sale, noting that the conveyance of land and building alone does not preclude such a classification. The Assessing Authority was instructed to allow the assessee to present material supporting the contention of a slump sale and make decisions accordingly. The appeals were partly allowed, and the matter was remitted for further proceedings. en-us Mon, 01 Apr 2013 00:00:00 +0530 Thu, 02 May 2013 10:25:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=233462 The High Court remanded the case back to the Assessing Authority for further examination as it found insufficient evidence to confirm whether other movable assets were included in the sale, deeming the Tribunal's decision unsupported by legal evidence. The Court emphasized the need for substantial evidence in determining a slump sale, noting that the conveyance of land and building alone does not preclude such a classification. The Assessing Authority was instructed to allow the assessee to present material supporting the contention of a slump sale and make decisions accordingly. The appeals were partly allowed, and the matter was remitted for further proceedings. Case-Laws Income Tax Mon, 01 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=233462