Benefit of section 50B granted as conditions of slump sale satisfied: ITAT Mumbai

Digital Insight India Products Private Limited Vs ACIT (ITAT Mumbai) ITAT Mumbai held that all the conditions of slump sale as provided under section 2(42C) of the Income Tax Act read with section 50B of the Act is satisfied. Accordingly, benefit of section 50B granted and AO directed to compute the business income accordingly. Facts- Assessee, a subsidiary of Digital Insight Corp, USA, is a captive service provider which was engaged in providing software services to Digital Insight Corp, USA. During the relevant previous year, the Assessee entered into a ‘Business Sale and Purchase Agre...