Sale of running hotel premises would amount to slump sale

The ACIT Vs M/s. Ooty Gate Hotel (ITAT Cochin) In order to understand whether the sale was a slump sale or sale of independent items of assets, necessary we have to examine the intention of the parties to the sale agreement. If the business of the vendor is sold as such as a going concern, it will tantamount to a slump sale. If the sale is a slump sale, then provisions of section 50B of the I.T.Act will have application. The impugned sale deed executed on 18.01.2013, mentions only the sale of land and building for a total consideration of Rs.20 crore. However, we notice from page 9 of the sal...