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of <h1>Finance Bill 2022: Amends 'sales' to 'transfer' in slump sale definition, effective April 1, 2021.</h1> Slump sale is defined under clause (42C) of section 2 of the Act as the transfer of one or more undertakings for a lump sum consideration without assigning values to individual assets and liabilities. The Finance Act, 2021 expanded the definition to include all forms of transfer under slump sale. However, an error was noted with the use of 'sales' instead of 'transfer.' The Finance Bill, 2022 proposes amending this to 'transfer,' effective retrospectively from April 1, 2021, applicable from the assessment year 2021-22 onwards.
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