Dismissing the appeal the Court held that the Tribunal did not err in deleting the disallowance for the assessment years 2006-07 and 2007-08 on account of slump sale of the chemical undertaking under section 50B of the Income-tax Act, 1961 relying on its decision in the assessee’s own case for the assessment year 1994-95. Followed CIT v. Akzo Noble India Limited (2020) 423 ITR 208 (Cal.)(HC). (AY.2006-07, 2007-08)
PCIT v. Akzo Noble India Limited (No. 1) (2022) 440 ITR 185 (Cal.)(HC)
S. 50B : Capital gains-Slump sale-Entire business of the undertaking was transferred to subsidiary-Order of Tribunal assessing the amount as slump sale is affirmed. [S. 2(11), 2(42C), 45, 50]