9911796707
TMI Blog2015 (5) TMI 312X X X X Extracts X X X X X X X X Extracts X X X X ..... udgment of in the cases of CIT v. Mugneeram Bangur and Co. (Land Department) [1965 (3) TMI 22 - SUPREME Court] and also the decision of Syndicate Bank Ltd. v. Addl. CIT [1985 (3) TMI 48 - KARNATAKA High Court]. Under these circumstances, we do not see any merit in these appeals. - Decided in favour of the assessee. The assessee has also preferred cross-objections to the appeals. This court in the case of Smt. Jyoti Kumari v. Asst. CIT [2010 (2) TMI 942 - Karnataka High Court] has held that an appeal being a creature of a statute, a cross-objection in terms of rule 22 being barred with an appeal, until and unless there is express provision on settling the legal provisions one cannot hold that the implication or a right of cross-objection ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing, sales and distribution of pure carbondioxide (CO2) liquid and storage systems. The assessee had transferred a part of business as a going concern to M/s. Praxair Carbondioxide Pvt. Ltd. and the consideration received was not offered to tax. Notice under section 148 was issued to the assessee on April 8, 2002, after recording the reasons for reopening. In response to the said notice, the assessee furnished the details as called for. Thereafter, the assessing authority found that the assessee has not sold all the assets. Some buildings, machinery, office equipment, computers and vehicles have not been sold by the assessee and some cylinders have also been retained by the assessee even after the transfer of CO2 business. Therefore, the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ot transferred. Still the Tribunal in its order in the case of Mahalsa Gases and Chemicals Pvt. Ltd., has held that the sale is a slump sale. Reliance was placed on the decisions of the apex court in the cases of CIT v. Mugneeram Bangur and Co. (Land Department) [1965] 57 ITR 299 (SC) and also the decision of the jurisdictional High Court in the case of Syndicate Bank Ltd. v. Addl. CIT [1985] 155 ITR 681 (Karn). Therefore, it affirmed the findings of the first appellate court. It is against the said order of the Tribunal, the appeals are filed. From the aforesaid facts, it is clear that two appellate courts on consideration of the entire material on record have concurrently held that the sale is a slump sale and while coming to the said con ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
