Special Bench On Capital Gains On Slump Sale

The Hon’ble President, ITAT has constituted a Special Bench comprising of Hon’ble Vice President (MZ), Shri R.S. Syal, AM & Shri N. V. Vasudevan, AM in the case of M/s Summit Securities Ltd in ITA No. 4977/M/09 for AY 2006-07 to decide the following question of law:-

Whether in the facts and circumstances of the case, the Assessing Officer was right in adding the amount of liabilities being reflected in the negative net worth ascertained by the auditors of the assessee to the sale consideration for determining the capital gains on account of slump sale?

The Appeal is listed for hearing before the Special Bench on 27.07.11 at Mumbai. Those Advocates or other Representatives who are desirous of appearing before the Special Bench as interveners are requested to contact the Registrar/Deputy Registrar, Income tax Appellate Tribunal, Old C.G.O Building, 4th floor, 101 M.K. Road, Mumbai – 20 enclosing the copies of the pending appeal alongwith its enclosure in triplicate, so that the necessary arrangements can be made.

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