Transfer of division under scheme of arrangement can’t termed as Slump Sale

ACIT Vs Mcnally Bharat Engineering Co. Ltd. (ITAT Kolkata) The issue under consideration is whether the addition made by AO u/s 50B in case of transfer under Scheme of Arrangement is Justified in Law? In the present case, AO invoked section 50B and made addition on account of capital gain on transfer of product division by assessee under scheme of arrangement. ITAT states that, in the given facts and circumstances and going by the clauses of the Scheme and reading them harmoniously and together the Tribunal held that the transfer of Lift Division comes within the purview of Section 2(47) of th...