Capital Gain u/s 50B applicable on sale of undertaking which covers Depreciable Assets forming part of Industrial Undertaking

DCIT Vs Accelerated Freeze Drying Co. Ltd. (ITAT Cochin) The issue under consideration is whether sale of industrial unit as a whole as a continuing business with land, building, plant, machinery and all equipment as a going business with assets and liabilities taxable under section 50B as slump sale or not? ITAT states that Section 50B is the only provision which provides for computation of capital gains in the case of slump sale, even though sale of business undertaking as a going concern will involve sale of assets forming block of assets on which depreciation was being allowed. Assessee...