https://www.taxtmi.com/caselaws?id=57600 Transfer of factory assets was treated as an itemised sale, not a slump sale, because liabilities remained with the liquidator and the agreement allowed apportionment of consideration among identifiable assets. The stated rule under section 50B was applied prospectively and was not used to tax the transaction as a transfer of undertaking as a whole. Consideration attributable to land was assessed as long-term capital gains, while consideration for depreciable assets was taxed as deemed short-term capital gains under section 50. Unabsorbed business loss and unabsorbed depreciation were held not to be available for set-off against gains assessed under section 50, and the statutory priority under section 72(2) was applied against the assessee. en-us Mon, 23 Oct 2000 00:00:00 +0530 Sat, 11 Dec 2010 10:43:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57600 Transfer of factory assets was treated as an itemised sale, not a slump sale, because liabilities remained with the liquidator and the agreement allowed apportionment of consideration among identifiable assets. The stated rule under section 50B was applied prospectively and was not used to tax the transaction as a transfer of undertaking as a whole. Consideration attributable to land was assessed as long-term capital gains, while consideration for depreciable assets was taxed as deemed short-term capital gains under section 50. Unabsorbed business loss and unabsorbed depreciation were held not to be available for set-off against gains assessed under section 50, and the statutory priority under section 72(2) was applied against the assessee. Case-Laws Income Tax Mon, 23 Oct 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57600