Transfer of division in exchange of shares only couldn’t be held as slump sale; HC upheld Bharat Bij

IT : Where assessee transferred its lift division to another company in terms of scheme of arrangement under section 391, read with section 394 of Companies Act, 1956, in view of fact that consideration for said transfer was not determined by parties in terms of money but its disbursement was to be in terms of allotment or issue of bonds/preference shares, it was to be regarded as a case of exchange and not a sale and, thus, provisions of section 2(42C) did not apply to assessee's case