https://www.taxtmi.com/caselaws?id=408228 The appellate tribunal concluded that the sale did not qualify as a slump sale for long-term capital gain computation. The unit sold was deemed a factory, not an undertaking, due to the lack of ongoing business activities. The application of Section 50C of the Income Tax Act was upheld, resulting in the addition of long-term capital gain. The tribunal emphasized the importance of evidence supporting ongoing business concern and directed further examination by the Assessing Officer. The appeal was allowed for statistical purposes, stressing the importance of evidence in determining the nature of the sale and relevant tax provisions. en-us Thu, 25 Mar 2021 00:00:00 +0530 Fri, 04 Jun 2021 08:25:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408228 The appellate tribunal concluded that the sale did not qualify as a slump sale for long-term capital gain computation. The unit sold was deemed a factory, not an undertaking, due to the lack of ongoing business activities. The application of Section 50C of the Income Tax Act was upheld, resulting in the addition of long-term capital gain. The tribunal emphasized the importance of evidence supporting ongoing business concern and directed further examination by the Assessing Officer. The appeal was allowed for statistical purposes, stressing the importance of evidence in determining the nature of the sale and relevant tax provisions. Case-Laws Income Tax Thu, 25 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408228