https://www.taxtmi.com/caselaws?id=185961 The Court held that profits under Section 41(2) of the Income-tax Act can be assessed in the hands of a holding company when selling to its 100% subsidiary. The Appellate Assistant Commissioner's order to reframe the assessment was upheld to determine the correct valuation of goodwill and assets. The Court ruled in favor of the revenue, finding the sale not a slump sale and justifying the AAC's decision to set aside the assessment for incomplete inquiries by the Income-tax Officer. The Tribunal's interference was deemed unwarranted, and the AAC's directions were upheld. en-us Thu, 08 Mar 2001 00:00:00 +0530 Sat, 03 Sep 2016 14:36:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185961 The Court held that profits under Section 41(2) of the Income-tax Act can be assessed in the hands of a holding company when selling to its 100% subsidiary. The Appellate Assistant Commissioner's order to reframe the assessment was upheld to determine the correct valuation of goodwill and assets. The Court ruled in favor of the revenue, finding the sale not a slump sale and justifying the AAC's decision to set aside the assessment for incomplete inquiries by the Income-tax Officer. The Tribunal's interference was deemed unwarranted, and the AAC's directions were upheld. Case-Laws Income Tax Thu, 08 Mar 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185961