HC deletes disallowance on Account of Slump Sale following its decision for earlier year

PCIT Vs Akzo Noble India Limited (Calcutta High Court) Issue– Whether on the facts and in the circumstances of the case the Learned ITAT, Kolkata has erred in law in deleting the disallowance of sum of Rs.3.50 Crores and Rs.2.11 Crores for the assessment year 2006-07 and 2007-08 respectively on account of slump sale of chemical undertaking under Section 50B of the Income Tax Act, 1961 by relying on its own decision for assessment year 1994-95 which has not been accepted by the revenue and the appeal has been filed before this Hon’ble Court which is pending adjudication ? Facts: The app...