Held, that as the transaction of slump sale was covered under section 47(iv) and was not a “transfer” within the Act, the findings of the Principal Commissioner was not sustainable. There was no prejudice caused to the interests of the Revenue since the twin conditions to invoke section 263 were not satisfied. The order passed under section 263 was set aside.(AY. 2015-16)
TMF Holdings Ltd. v. PCIT (2023)101 ITR 423 (Mum) (Trib)
S. 263 : Commissioner-Revision of orders prejudicial to revenue-Capital gains-Slump sale-Exemption-Exemption denied in revision-Computation of book profits objected-Transaction not ‘Transfer’-AO conforming to legal standards to compute books of accounts-Transactions between subsidiaries not amenable to book profits computation-Revision not justified.[S. 45,47(iv), 115JB]