Sale of undertaking as going concern constitutes slump sale hence section 41(2) doesn’t apply

CIT Vs Spectra Shares And Scrips Limited (Telangana High Court) Telangana High Court held that sale of undertaking as a going concern falls within the definition of a slump sale as set out in Section 2(42C) of the Income Tax Act hence section 41(2) dealing with taxation of gains on sale of certain depreciable assets doesn’t apply. Facts- The present appeal has been preferred by the revenue under Section 260A of the Income Tax Act, 1961. Vide the impugned order, the ITAT dismissed the appeal of the Revenue holding that the entire receipts of the assessee is a capital receipts for a sale of un...