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PCIT v. EIH Ltd ( 2022) 329 CTR 101/ 218 DTR 395 ( Cal)( HC)

S. 50B : Capital gains – Slump sale – Transfer of business undertaking- Specified hotels – Issue of preference shares and debentures – Exchange – Cannot be assessed as slump sale [ S. 2(42C) , 2(47), 45 ]

Dismissing the appeal of the Revenue the Court held that the surplus amount received on the transfer of two hotels consideration of which was settled by the issuance of preference shares and debentures are not assessable as slump sale. The order of the tribunal is affirmed. ( AY . 2007 -08)