Sale of a Running Business with all Assets & Liabilities is Slump Sale: SC

CIT Vs Equinox Solution Pvt. Ltd. (Supreme Court of India) 1) This appeal is filed by the Revenue (Income Tax Department) against the order dated 29.07.2003 passed by the High Court of Gujarat at Ahmedabad in I.T.A. No. 59 of 2003 whereby the High Court dismissed the Revenue’s appeal on the ground that the appeal does not involve any substantial question of law under Section 260-A of the Income Tax Act, 1961 (hereinafter referred to as “the Act”). 2)  We herein set out the facts, in brief, to appreciate the issues involved in this appeal. 3)  The respondent-assessee was engaged in the ...