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Slump sale ≠ expense test: ITAT allows full loss on discontinued business
Case Law Details
- Case Name
- DCIT Vs Manipal Global Education Services Pvt. Ltd. (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2021-22
- Courts
- All ITAT, ITAT Bangalore
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DCIT Vs Manipal Global Education Services Pvt. Ltd. (ITAT Bangalore)
The ITAT Bangalore upheld the deletion of disallowance of ₹9.02 crore made by the AO, holding that expenses relating to discontinued operations cannot be restricted merely based on valuation figures used for slump sale.
The assessee had sold a business segment (EdTech division) through slump sale and reported a loss of ₹13.03 crore from discontinued operations in its audited financials. The AO, relying on valuation report figures (which reflected loss only up to a certain date), allowed only proportionate...
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