Itemized sale of assets with intention to transfer entire undertaking is slump sale

In case of sale of whole business despite treatment by Assessee as itemised-sale of assets provision of Slump sale applies  Though the Appellant had treated it as itemised-sale of assets. The Appellant had sold business of Sealants and Adhesives as a whole to PIL.Therefore, the provisions of Sec.50B have been rightly invoked by both the lower authorities.  INCOME TAX APPELLATE TRIBUNAL, MUMBAI  ITA No.2544/Mum/2010 – (Assessment year: 2000-01) Mahindra Engineering & Chemical Products Ltd. Vs. Income-tax Officer Date of Pronouncement: 18.04.2012  O R D E R PER RAJ...