Mere transfer of some of its customers and business leads to its subsidiary by a company not amount to Slump Sale

L&T Finance Ltd. Vs DCIT ( ITAT Mumbai) We have given a thoughtful consideration to the facts of the case and are of the considered view that ‘Slump sale’ as defined in section 2(42C) means the transfer of one or more undertakings as a result of the sale for a lump sum consideration, without values being assigned to the individual assets and liabilities in such sales. We further find that the term ‘Undertaking’ has been defined in the Explanation 1 of section 2(19AA), which therein encompasses within its gamut any part of an undertaking, or a unit or division of an ...