Supreme Court of India
Vatsala Shenoy v. Joint Commissioner of Income Tax
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
We hold that the sale in question was not slump sale, obviously Section 508 also does not get attracted as this section contains special provision for computation of capital gains in case of slump sale.
Judgment, page 19
From the headnote
Income Ta:x Act, 1961: ss. 2(14), 45 - Capital asset - Profit/gain arising from transfer thereof to be taxed as "Capital gains" -Assessees, erstwhile partners of a dissolved partnership firm - Winding up proceedings file.d to sell the assets of the firm and distribute the share thereof - Firm sold as an ongoing concern to three partners forming Association of Persons (AOP-3) - Assesseeslerstwhile partners received their net share of the value of the assets of the firm - Taxed as capital gains in the hands of assessees by Assessing Officer - Held: Result of winding up proceedings, after
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