Case Law Details
Case Name : Commissioner of Income Tax Vs Aradhana Drinks & Beverages Pvt. Ltd. (Delhi High Court)
Related Assessment Year :
Courts :
All High Courts Delhi High Court
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Whether the amount of liabilities taken over in case of slump purchase are to be considered for reaching at the amount of assets taken over for the value of purchase consideration ?
Yes, the Hon’ble Tribunal has decided on facts, by giving a factual finding that the amount of liabilities taken over in case of slump purchase are to be considered for reaching at the amount of assets taken over for the value of purchase consideration. In the instant case, the assessee had made a slump purchase and acquired a certain amount of liabilities along with t
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We taken over an assets of sum rs 1600000. there was a outstanding loan of rs 1400000(1200000+200000) including prin&intrest amount. 200000 was given in cash.
Now while I am going to record this assets and liability how I should record???
Op-I
Assets 1600000
Liability 1400000 (include INTEREST also)
Cash settlemrnt 200000
Op-II
Assets 1400000
Liab 1200000(due to excluding INTEREST, In this cash interest will recorded as indirect exp.)
Cash 200000
Which is better option