Regular Vs. Slump Sale: Assessee cannot be allowed to take shifting stands

Emil Pharmaceutical Industries Private Limited Vs DCIT (ITAT Mumbai) In this case learned CIT(A) has noted that the assessee has not produced supporting documents such as the list of employees at the time of the sale, electricity bills and other details necessary to establish the existence of an undertaking in a continuous business. Furthermore, we note that learned counsel has produced before us valuation report giving valuation of the items sold. This is additional evidence not produced before the authorities below. We note that this additional evidence in the shape of valuation report itsel...