2024 (5) TMI 650 - SCH - Income Tax

Sale of business assets - gain on soft drink business assets sold - Slump sale or capital gain - ITAT held that the transaction in a slump sale sand not an itemised sale, thus deleted addition as not exigible to tax - as decided by High Court 2017 (4) TMI 1640 - RAJASTHAN HIGH COURT Tribunal has not committed any error in allowing the appeal as individual valuation which has been put forth in pursuance to the letter of the AO on the basis of book value in the list of individual is not established but taking into consideration the agreement between the parties the second value which has been rightly pointed out was for the purchaser for the purpose of arriving at a price of assets. HELD THAT - We are not inclined to interfere with the impugned judgment and order passed by the High Court. Hence, the Special Leave Petition is dismissed.

Summary

The Supreme Court of India dismissed the Special Leave Petition and did not interfere with the impugned judgment and order passed by the High Court. Pending applications were disposed of.