Friday 17 July 2015

No capital gain arose on slump sale as consideration for transfer was equivalent to net worth to tra

IT: Where assessee sold three proprietary concerns in slump sale, section 50B would apply; sale consideration received by assessee in cash being combined net worth of all three concerns and this net worth being also deemed as cost of acquisition and/or improvement under section 50B(2), no capital gain would stand to arise

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