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TMI Blog2013 (5) TMI 48X X X X Extracts X X X X X X X X Extracts X X X X ..... nances thereto with all easement appurtenances to the said property. The valuation report prepared, after the sale also gives description of the particulars of the properties, which are sold and the value thereof. Still from the aforesaid materials, it is not possible to make out whether any other movable assets, which were used by the transferor or the assessee was also the subject matter of sale. The said material could not be produced because such a contention was not taken before the Assessing Authority as well as the First Appellate Authority. Though the Tribunal was justified in considering the case from that angle, it committed an error in recording a finding of fact without there being sufficient material to arrive at such conclusio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) from the total sale consideration of Rs.4 crores to arrive at the sale price of land. 3. The Assessing Authority did not accept the said w.d.v. The Assessing Authority also did not accept the case of the assessee that the sale consideration received by the assessee over and above the market value of assets is towards goodwill, trade name or other self-generating assets. He proceeded to estimate the market price of the land sold at Rs.40,000/- per cent taking into account the appreciation in value of land during the period of 10 years. However, it is also worked out the sale consideration of other assets such as building, plant and machinery and furniture and fittings. Thus he raised a demand for Rs4,43,680/- Aggrieved by the said order, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... execution of a conveyance of immovable property by itself, do not constitute sale of itemized assets. If the assets transferred constitute running business, then it would be a case of slump sale. Mere conveyance of land and building would not take away the case from a case of slump sale. If the land and building, plant and machinery and other accessories are sold, it would constitute a slump sale. In the instant case, the recitals in the sale deed make it clear that what is sold is land and Hotel Pentagon Commercial Building and other appurtenances thereto with all easement appurtenances to the said property. The valuation report prepared, after the sale also gives description of the particulars of the properties, which are sold and the va ..... X X X X Extracts X X X X X X X X Extracts X X X X
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