Transfer of assets and liabilities in group amounts to slump sale

Lifestyle International Pvt. Ltd. Vs DCIT (ITAT Bangalore) ITAT Bangalore held that where the assets and liabilities of an undertaking are sold as a group or lumped together, such a sale would qualify as a slump sale. Accordingly, capital gain on the same should be computed as section 45 to 50 of the Income Tax Act. Facts- During the year, Splash, a division of the Assessee which was engaged in retailing of apparels to youth segment was moved to a separate legal entity i.e, Splash Fashions India Private Limited (“Splash India”) w.e.f. 01.10.2012. This transfer the business of the a...