2018 (6) TMI 1807

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..... Adv. ORDER The Court : The substantial question of law that the Revenue seeks to raise in this appeal is as to the circumstances in which the sale of an entire undertaking can be regarded as a slump sale. The Assessing Officer found that in course of the sale of a tea estate by the assessee, the land and the agricultural part of the business was given a particular value and all other assets o....

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....parties to the transfer and the quantum of profit was also separately worked out on the transfer of agricultural land and plantation. The assessee disclosed the profits separately because plantation land was not a depreciable asset. The valuer found the value of the land and plantation to be about Rs.12.20 crore. The cost of such land and plantation in the assessee's books was about Rs.6.97 crore.....