https://www.taxtmi.com/caselaws?id=374792 The High Court upheld the Tribunal's decision that the transfer of shares in a company did not constitute a slump sale of an undertaking under Sections 2(42C) and 50B of the Income Tax Act, 1961. The Court emphasized the distinction between a share transfer and an undertaking transfer, stating that in this case, only the shareholding changed, not the undertaking itself. As a result, Section 50B was deemed inapplicable, and the appeal was dismissed. The judgment underscored the significance of correctly interpreting legal definitions and principles in transactions involving shares and undertakings for tax purposes. en-us Tue, 29 Jan 2019 00:00:00 +0530 Sat, 09 Feb 2019 14:21:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=374792 The High Court upheld the Tribunal's decision that the transfer of shares in a company did not constitute a slump sale of an undertaking under Sections 2(42C) and 50B of the Income Tax Act, 1961. The Court emphasized the distinction between a share transfer and an undertaking transfer, stating that in this case, only the shareholding changed, not the undertaking itself. As a result, Section 50B was deemed inapplicable, and the appeal was dismissed. The judgment underscored the significance of correctly interpreting legal definitions and principles in transactions involving shares and undertakings for tax purposes. Case-Laws Income Tax Tue, 29 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=374792