https://www.taxtmi.com/caselaws?id=292364 The Tribunal ruled in favor of the assessee, determining that the sale of the textile business constituted a slump sale, allowing the claim for long-term capital loss. The Tribunal also allowed certain prior period expenses, adoption of fair market value for land acquisition, and capital losses on shares. However, it held that share application money is not a capital asset. The matter of fair market value for land was remanded for verification based on previous appeals. The Revenue's appeal on capital losses from the slump sale was dismissed. en-us Fri, 30 Aug 2019 00:00:00 +0530 Sat, 19 Dec 2020 20:17:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292364 The Tribunal ruled in favor of the assessee, determining that the sale of the textile business constituted a slump sale, allowing the claim for long-term capital loss. The Tribunal also allowed certain prior period expenses, adoption of fair market value for land acquisition, and capital losses on shares. However, it held that share application money is not a capital asset. The matter of fair market value for land was remanded for verification based on previous appeals. The Revenue's appeal on capital losses from the slump sale was dismissed. Case-Laws Income Tax Fri, 30 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292364