https://www.taxtmi.com/caselaws?id=417587 The High Court dismissed the appeal by the revenue against the ITAT order for the assessment year 2007-08. The court ruled that the surplus amount of the transaction should be treated as an exchange and not as long term capital gains under the Income Tax Act, referencing the definitions of slump sale and transfer. Additionally, disallowances of various expenses to non-residents were upheld due to tax implications and failure to deduct TDS, with detailed reasoning provided for each issue raised by the revenue. en-us Mon, 17 Jan 2022 00:00:00 +0530 Tue, 25 Jan 2022 10:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417587 The High Court dismissed the appeal by the revenue against the ITAT order for the assessment year 2007-08. The court ruled that the surplus amount of the transaction should be treated as an exchange and not as long term capital gains under the Income Tax Act, referencing the definitions of slump sale and transfer. Additionally, disallowances of various expenses to non-residents were upheld due to tax implications and failure to deduct TDS, with detailed reasoning provided for each issue raised by the revenue. Case-Laws Income Tax Mon, 17 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417587