https://www.taxtmi.com/caselaws?id=770419 ITAT Mumbai ruled in favor of the assessee regarding treatment of business sale as slump sale versus normal sale. The court held that the agreement clearly demonstrated slump sale characteristics: lump sum consideration of INR 22.40 crores, no specific values assigned to individual assets/liabilities, and explicit terms stating transaction constituted slump sale of business as going concern on "as is where is" basis. Lower authorities incorrectly rejected slump sale treatment under Section 2(42C). ITAT directed AO to grant Section 50B benefit and compute business income accordingly. Revenue's appeal dismissed. en-us Tue, 29 Apr 2025 00:00:00 +0530 Sat, 10 May 2025 08:36:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770419 ITAT Mumbai ruled in favor of the assessee regarding treatment of business sale as slump sale versus normal sale. The court held that the agreement clearly demonstrated slump sale characteristics: lump sum consideration of INR 22.40 crores, no specific values assigned to individual assets/liabilities, and explicit terms stating transaction constituted slump sale of business as going concern on "as is where is" basis. Lower authorities incorrectly rejected slump sale treatment under Section 2(42C). ITAT directed AO to grant Section 50B benefit and compute business income accordingly. Revenue's appeal dismissed. Case-Laws Income Tax Tue, 29 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770419