2025 (10) TMI 1244

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....hereinafter referred to as the 'Act'), questions the suo motu revisional steps under Section 263 of the Act (Annexure G) as confirmed by the impugned order in I.T.A No. 661/COCH/2022 dated 09.02.2024 (Annexure M) of the Income Tax Appellate Tribunal. The assessment year concerned is 2016-17, relevant to the financial year 2015-16. 2. The appellant had two units/divisions - 'Fertilizer Division' and 'Test House Division', out of which, the Test House Division was sold as a case of 'slump sale' with reference to the provisions of Section 50B of the Act. A return was also presented in that fashion. Steps under Section 143(3) of the Act were taken, and by Annexure E order dated 20.12.2018, the same was finalised. It is worthwhile to notice t....

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....ut by the assessing authority, as is discernible from paragraph 6 of the assessment order referred to earlier. 5. In this connection, we notice the reasons pointed out for initiation of steps under Section 263 of the Act as recorded in the show cause notice at Annexure F as confirmed by the final order at Annexure G. The very question as to whether the transaction - sale is to be considered as a case of "slump sale" under Section 50B of the Act qua the provisions of Section 50 of the Act as per which the same is to be treated as a case of short term capital gain; does not appear to have been addressed by the assessing authority while issuing Annexure E order under Section 143(3) of the Act. True, the assessment order makes reference to c....