Court Upholds Tribunal Decision Favoring Assessee on Slump Sale Capital Gains Under Amended Income Tax Act Sections 2(42C) & 2(47.

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....Computation of capital gains - Slump sale u/s 2(42C) - transfer of capital assets u/s 2(47) - we took note of the submissions of the learned Senior Counsel for the respondent/assessee that the definition of slump sale as defined under Section 2(42C) was amended with effect from 1st April, 2021. The unamended provision defined slump sale to mean transfer of one or more undertaking as a result of sale. By Finance Act, 2021 the amendment made was by defining slump sale to mean the transfer of one or more undertaking by any means. This significant change by way of amendment would also aid the case of the assessee and would convince us to uphold the finding of the Tribunal. - HC....