Kerala HC Upholds Section 263 Revision for Lack of Inquiry in Slump Sale Assessment

Sterling Farm Research And Services Pvt. Ltd. Vs CIT (Kerala High Court) The Kerala High Court heard an appeal filed by Sterling Farm Research And Services Pvt. Ltd. challenging a suo motu revisional order passed by the Commissioner of Income Tax (CIT) under Section 263 of the Income Tax Act, 1961, pertaining to the Assessment Year (A.Y.) 2016-17. The Section 263 order was confirmed by the Income Tax Appellate Tribunal (ITAT). I. Background and The Core Issue The appellant had two divisions: a Fertilizer Division and a Test House Division. The Test House Division was sold, which the assessee t...