https://www.taxtmi.com/caselaws?id=756847 ITAT Nagpur reversed CIT(A)'s order allowing assessee's appeal regarding capital gains treatment under section 50B. CIT(A) had ruled that provisions of section 50B were not applicable as the transaction was not a "lock, stock and barrel" sale, thereby rejecting AO's assessment of long-term capital gains under slump sale provisions. However, ITAT found that CIT(A) failed to properly consider facts and circumstances of the case and allowed the appeal without adequate reasoning. ITAT allowed Revenue's grounds and restored AO's position treating the sale as slump sale under section 50B. en-us Thu, 08 Aug 2024 00:00:00 +0530 Sat, 10 Aug 2024 09:05:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756847 ITAT Nagpur reversed CIT(A)'s order allowing assessee's appeal regarding capital gains treatment under section 50B. CIT(A) had ruled that provisions of section 50B were not applicable as the transaction was not a "lock, stock and barrel" sale, thereby rejecting AO's assessment of long-term capital gains under slump sale provisions. However, ITAT found that CIT(A) failed to properly consider facts and circumstances of the case and allowed the appeal without adequate reasoning. ITAT allowed Revenue's grounds and restored AO's position treating the sale as slump sale under section 50B. Case-Laws Income Tax Thu, 08 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756847