No capital gain in the hand of transferee in Slump Sale of certain Business Line

DCIT Vs Thulasi Mohan Constructions Pvt. Ltd. (ITAT Chennai) Introduction: The case of DCIT Vs. Thulasi Mohan Constructions Pvt. Ltd. (ITAT Chennai) revolves around a dispute concerning capital gains in the context of a business slump sale. In this assessment for the year 2011-12, the Revenue challenged the order of the Commissioner of Income Tax (Appeals) dated 13-09-2019. Detailed Analysis: The core issues addressed in this case include: i. Jurisdiction and Reopening: The assessee contested the assumption of jurisdiction, claiming that the notice under section 148 was served without a valid ...