https://www.taxtmi.com/caselaws?id=398423 A transfer of an undertaking under a court-approved scheme of arrangement, satisfied only by allotment of equity shares and not by monetary consideration, was not a slump sale under Section 2(42C) read with Section 50B of the Income-tax Act, 1961. The court held that a sale for Section 50B requires a lump sum monetary price, whereas a share-based transfer may amount to an exchange and cannot be treated as a contractual sale merely because the scheme used the word "consideration." It also held that there is no estoppel in tax law, so the assessee could raise the pure legal plea at the appellate stage. The appeal succeeded and the slump sale assessment was set aside. en-us Tue, 08 Sep 2020 00:00:00 +0530 Mon, 09 Nov 2020 16:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=398423 A transfer of an undertaking under a court-approved scheme of arrangement, satisfied only by allotment of equity shares and not by monetary consideration, was not a slump sale under Section 2(42C) read with Section 50B of the Income-tax Act, 1961. The court held that a sale for Section 50B requires a lump sum monetary price, whereas a share-based transfer may amount to an exchange and cannot be treated as a contractual sale merely because the scheme used the word "consideration." It also held that there is no estoppel in tax law, so the assessee could raise the pure legal plea at the appellate stage. The appeal succeeded and the slump sale assessment was set aside. Case-Laws Income Tax Tue, 08 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=398423