Assessee sold its sea food business undertaking for a lump sum consideration as a going concern and contended that what had been sold represented depreciable assets which had to be treated as business receipts only.AO held that it was a case of slump sale within meaning of section 50B and thus, profit earned by assessee was taxable as long term capital gain. CIT(A) confirmed the order of the AO. Tribunal held that since assessee sold entire undertaking with all its assets and liabilities together with all licences, permits, approvals, registration, contracts and other contingent liabilities also for a slump price, said sale would fall under purview of S. 50B of the Act. (AY. 2003 -04)