Held that consideration received on sale proceeds of the assesee’s chemical undertaking was not liable to tax as short term capital gains under section 50 or as long term capital gains. Followed PCIT v. Akzo Noble India Limited (2022) 440 ITR 185 (Cal) (HC). (AY.1996-97)
PCIT v. Akzo Noble India Limited (No. 2) (2022) 440 ITR 190 / 286 Taxman 251 (Cal.)(HC)
S. 50B : Capital gains-Slump sale-Depreciable assets-Block of assets-Sale of undertaking-Sale consideration is not liable to be taxed as short term capital gains. [S. 2(11),2(42C) 45, 50]