TaxTMI 
TaxTMI 
1998 (11) TMI 106
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.... of the Income-tax Act, 1961, the Income-tax Appellate Tribunal has referred the following three questions of low to this court for opinion at the instance of the assessee : " 1. Whether, on the facts and in the circumstances of the case, the taking over of the undertaking of the assessee-company did not constitute a slump sale but only the sale of the individual assets of the undertaking ? 2. W....
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....before us that the controversy therein has become academic as the factual controversy pertaining to this question has been remanded by the Tribunal to the Assessing Officer. This question has become academic and need not be answered. In view of the above, we return question No. 2 unanswered. So far as question No. 1 is concerned, the controversy therein is, whether the taking over of the undertak....
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....t, machinery and dead stock as assessed by the valuer at Rs. 15,87,296. The Supreme Court held that it was not a case in which it could not be said that the price attributed to the items transferred was not indicated and hence section 41(2) of the Income tax Act, 1961, could not be applied. We have heard learned counsel for the parties and perused the facts of the case. In this case also there is ....