Seller’s Settlement Admissions Don’t Defeat Slump sale Buyer’s Depreciation Claim: Gujarat HC

Advertisement Baxter Pharmaceuticals India Private Limited Vs ACIT (Gujarat High Court) The Gujarat High Court dealt with a batch of writ petitions challenging notices issued under Section 148 of the Income Tax Act, 1961 for Assessment Years 2015–16, 2016–17, and 2017–18. As the factual matrix and issues were identical, the petitions were heard together, with the notice for AY 2015–16 treated as the lead matter. For AY 2015–16, the assessee had filed its return declaring a loss and paid tax under Section 115JB on book profits. A detailed scrutiny assessment was conducted under Sec...