https://www.taxtmi.com/caselaws?id=55063 The ITAT Ahmedabad upheld the decision in favor of the assessee in a case involving the disputed deletion of capital gains and unpaid sales-tax by the Deputy CIT (Appeals) for the assessment year 1984-85. The tribunal directed the ITO to verify the discharge of the sales-tax liability before allowing the deduction, based on the retrospective application of a proviso in section 43B of the Income-tax Act, 1961. Additionally, the tribunal clarified that even in a slump sale, capital gains provisions apply, and ruled that the surplus from the sale of a factory represented capital gains derived from the sale of assets, not goodwill. en-us Tue, 10 Mar 1992 00:00:00 +0530 Tue, 23 Nov 2010 16:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55063 The ITAT Ahmedabad upheld the decision in favor of the assessee in a case involving the disputed deletion of capital gains and unpaid sales-tax by the Deputy CIT (Appeals) for the assessment year 1984-85. The tribunal directed the ITO to verify the discharge of the sales-tax liability before allowing the deduction, based on the retrospective application of a proviso in section 43B of the Income-tax Act, 1961. Additionally, the tribunal clarified that even in a slump sale, capital gains provisions apply, and ruled that the surplus from the sale of a factory represented capital gains derived from the sale of assets, not goodwill. Case-Laws Income Tax Tue, 10 Mar 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55063