Transfer Lacks Criteria for Slump Sale: No Capital Gains Assessment on Business Assets Without Immovable Property Transfer.

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....Nature on sale - Slump Sale - capital gain u/s 50B - Transfer of asset or not? - Section 50B of the Act provides a mechanism for assessment of capital gain on ‘transfer’ of an ‘undertaking’ in a ‘slump sale’. Admittedly, immovable assets of the assessee’s business were not transferred. Therefore, it does not satisfy the essential conditions under Section 2(42C) of the Act. - HC....