2019 (2) TMI 419

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....   P.C.: 1. This appeal under Section 260 A of the Income Tax Act, 1961 ("the Act" for short), challenges the order dated 9.12.2015 passed by the Income Tax Appellate Tribunal ("the Tribunal" for short). This appeal relates to the Assessment Year 2007-08. 2. Revenue has urged following question of law for our consideration:- "Whether on the facts an in the circumstances of the cas....

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....and determining book profit at Rs. 19.44 crore under Section 115JB of the Act. In its return of income, the respondent had declared long term capital gains in respect of sale of its 49% shares in one M/s. United Home Entertainment Limited (UHEL) to a third party at Rs. 24.94 crore. 4. During the course of assessment proceedings, the Assessing Officer held that the respondent had sold its entire....

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....t & Management Consultants Limited and 1% share were held by other shareholders. However, all of them had individually sold their share holdings in UHEL to the third party namely Walt Disney Company Ltd. However, the impugned order of the Tribunal proceeded to consider the issue in the context of the definitions of term "slump sale" under Section 2(42C) of the Act and of "undertaking" as given in ....

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.... or collectively does not amount to more than a right to participate in the profits of the company. The company is a juristic person and is distinct from the shareholders. It is the company which owns the property and not the shareholders." 7. The Tribunal held that transfer of shares by the respondent in UHEL was just transfer of shares simplicitor and this transfer of shares cannot be conside....