https://www.taxtmi.com/caselaws?id=765760 Reopening reassessment in a slump sale was challenged on the ground that the buyer paid a lumpsum consideration for a going concern; depreciation must be computed on the consideration and expert valuation of assets, not by reference to the seller's book WDV or alleged accommodation entries. The court found the reasons for reopening relied on the seller's statements to the Settlement Commission and therefore misunderstood the slump sale concept; consequence: the assessing officer lacked a valid basis to form belief that income escaped assessment, and the impugned reassessment notices were quashed. en-us Tue, 21 Jan 2025 00:00:00 +0530 Tue, 10 Feb 2026 11:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765760 Reopening reassessment in a slump sale was challenged on the ground that the buyer paid a lumpsum consideration for a going concern; depreciation must be computed on the consideration and expert valuation of assets, not by reference to the seller's book WDV or alleged accommodation entries. The court found the reasons for reopening relied on the seller's statements to the Settlement Commission and therefore misunderstood the slump sale concept; consequence: the assessing officer lacked a valid basis to form belief that income escaped assessment, and the impugned reassessment notices were quashed. Case-Laws Income Tax Tue, 21 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765760