https://www.taxtmi.com/caselaws?id=49307 Whether a slump sale of an entire business gives rise to taxable trading profit depends on whether any part of the lump-sum consideration can be fairly attributed to stock-in-trade as income; the legal principle treats whole-concern transfers as not generating trading profit unless a traceable portion represents realisation of stock. On the facts, transfer documents used book/cost figures and no contemporaneous market valuation or component-wise allocation existed, so no portion of the consideration could confidently be attributed to taxable profit on stock-in-trade and no tax arises on the asserted amount. en-us Wed, 31 Mar 1965 00:00:00 +0530 Wed, 20 Aug 2014 16:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49307 Whether a slump sale of an entire business gives rise to taxable trading profit depends on whether any part of the lump-sum consideration can be fairly attributed to stock-in-trade as income; the legal principle treats whole-concern transfers as not generating trading profit unless a traceable portion represents realisation of stock. On the facts, transfer documents used book/cost figures and no contemporaneous market valuation or component-wise allocation existed, so no portion of the consideration could confidently be attributed to taxable profit on stock-in-trade and no tax arises on the asserted amount. Case-Laws Income Tax Wed, 31 Mar 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49307