Transfer of undertaking under court approved scheme doesn’t attract 50B

Grasim Industries Limited Vs DCIT (ITAT Mumbai) ITAT Mumbai held that transfer of an undertaking under a court-approved scheme cannot be characterised as a slum sale within the meaning of section 2(42C) hence provisions of section 50B not attracted. Facts- The assessee, a public limited company, has filed its return of income on 29/09/2010 declaring total income at Rs.1891,64,73,085/- under normal provisions of the Act. The assessee revised its return of income on 04/03/2011 declaring revised income at Rs.1893,36,29,773/-and on 23/03/2012 revising the income to Rs.1888,48,00,776/-, both under...