The High Court dismissed the Department’s appeal affirming the view of the Tribunal that the sale of business assets by the assessee was a slump sale and not an itemised sale and that since the cost of acquisition of the goodwill and know-how transferred could not be ascertained no capital gains could be taxed. SLP of Revenue is dismissed.
CIT v. Shri Ganga Nagar Bottling Co. (2024)462 ITR 32 (SC) Editorial : CIT v. Shri Ganga Nagar Bottling Co. (2024)462 ITR 12 (Raj)(HC)
S. 50B : Capital gains-Slump sale-Sale of business as running concern-Sale is not of itemised assets-Not liable to tax-SLP of Revenue is dismissed. [S. 2(42C), 41(2), 45, 50(2), 50B(2) 55(2)(a), Art. 136]