Assessee sold asset (Luxe Cinema) by slump sale to Jazz Cinemas for a consideration of which part consideration was paid directly to the creditors. Balance was only paid to assessee, which filed a short term capital loss. AO disagreed stating that the amount of liability discharged by the buyer must be reduced from the sale consideration, thus leading to a gain. The Tribunal disagreed stating that the value of the asset must include the consideration paid directly to the creditor for removing encumbrances on the property. The Tribunal held that  buyer has received the assets without any liability and therefore the net worth of the assest. The Tribunal held that the net worth of the asset has to be further reduced by the liability because the liability has already been discharged by the Assessee  only. (AY. 2015-16)