https://www.taxtmi.com/caselaws?id=14012 The court held that the provisions of section 41(2) of the Income-tax Act, 1961 were applicable in assessing profits from the sale of undertakings by a holding company to its wholly-owned subsidiary. It determined that the sales were not slump sales but of individual assets, warranting assessment under section 41(2). The Appellate Assistant Commissioner's decision to set aside the assessments for further inquiry into the valuation of goodwill and other assets was upheld. The court ruled in favor of the Revenue, concluding that the assessments should be reexamined for accurate determination of taxable profits. en-us Thu, 08 Mar 2001 00:00:00 +0530 Tue, 07 Jul 2009 10:16:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14012 The court held that the provisions of section 41(2) of the Income-tax Act, 1961 were applicable in assessing profits from the sale of undertakings by a holding company to its wholly-owned subsidiary. It determined that the sales were not slump sales but of individual assets, warranting assessment under section 41(2). The Appellate Assistant Commissioner's decision to set aside the assessments for further inquiry into the valuation of goodwill and other assets was upheld. The court ruled in favor of the Revenue, concluding that the assessments should be reexamined for accurate determination of taxable profits. Case-Laws Income Tax Thu, 08 Mar 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14012