Slump Sale Depreciation Depends on Consideration Paid, Not Seller’s Book Values: SC

Advertisement ACIT Vs Baxter Pharmaceuticals India Private Limited (Supreme Court of India) The dispute arose from notices issued under Section 148 of the Income Tax Act, 1961, seeking to reopen completed assessments for Assessment Years 2015-16, 2016-17, and 2017-18. The reopening was initiated more than four years after completion of regular scrutiny assessments under Section 143(3). For AY 2015-16, the assessee had filed its return declaring losses and paid tax under Section 115JB on book profits. During the original scrutiny assessment, the Assessing Officer had issued detailed notices ...