https://www.taxtmi.com/caselaws?id=241862 The High Court upheld the Tribunal's decision that the sale consideration for the going concern was not liable to capital gain tax under the prevailing legal provisions at the time of the transaction. The judgment clarified the tax treatment of slump sales, emphasizing that in cases where computation provisions do not apply, the transaction may not fall under the charging section for capital gains. The authorities were justified in ruling in favor of the assessee, as the sale occurred before the introduction of Section 50B, making Section 45 inapplicable. en-us Mon, 02 Dec 2013 00:00:00 +0530 Thu, 02 Jan 2014 15:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=241862 The High Court upheld the Tribunal's decision that the sale consideration for the going concern was not liable to capital gain tax under the prevailing legal provisions at the time of the transaction. The judgment clarified the tax treatment of slump sales, emphasizing that in cases where computation provisions do not apply, the transaction may not fall under the charging section for capital gains. The authorities were justified in ruling in favor of the assessee, as the sale occurred before the introduction of Section 50B, making Section 45 inapplicable. Case-Laws Income Tax Mon, 02 Dec 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=241862