M/S. the Supreme Industries Ltd, Mumbai vs. The ACIT Cen Cir-29, Mumbai
In the result, appeal of the assessee is allowed in part, in terms indicated hereinabove
ITA 7524/MUM/2007[2004-2005]Status: DisposedITAT Mumbai29 Apr 2016AY 2004-2005
Bench: Shri R.C.Sharma, Am & Shri Amarjit Singh, Jm आमकय अऩीर सं./Ita No.7524/Mum/2007 (नििाारण वषा / Assessment Year :2004-2005) The Supreme Industries Limited, Vs. The Acit, Cc-29, 612, Raheja Chambers, 213, Mumbai Nariman Point, Mumbai-400021 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaact 1344 F (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. ननधाारयती की ओर से /Assessee By : Shri Nitesh Joshi याजस्व की ओर से /Revenue By : Shri Alok Johri सुनवाई की तायीख / Date Of Hearing : 02/02/2016 घोषणा की तायीख/Date Of Pronouncement 29/04/2016 आदेश / O R D E R Per R.C.Sharma (A.M): This Is An Appeal Filed By The Assessee Against The Order Of Cit(A), Mumbai, For The Assessment Year 2004-2005. 2. First Grievance Of The Assessee Relates To Taxing Of Capital Gains Amounting To Rs.10,30,06,590/- U/S.50B R.W.S.2(42C) Arising On The Transfer Of The Bopp Films Undertaking To Xpro India Ltd. (Xil). 3. Rival Contentions Have Been Heard & Record Perused. This Ground Relates To Taxation Of Capital Gains Amounting To Rs.10,30,06,590/- U/S.50B Read With Section 2(42C) Of The I.T. Act. The Facts In Brief Relating To This Addition Are That During The Previous Relevant To The Assessment Year Under Appeal, The Assessee Entered Into A Business Transfer Agreement (Bta) With Xpro India Ltd (Xil) For Sale Of Its Bopp Films Undertaking At Pithampur, Madhya Pradesh As A Going-Concern For A Total
For Appellant: Shri Nitesh JoshiFor Respondent: Shri Alok Johri
Section 2Section 50B
…is of tests laid down by the Bombay High Court and has came to the conclusion that the impugned sale of the BOPP. undertaking was a slump sale. The AO has further referred to the decision of the ITAT, Hyderabad Bench in the case of Coromandel Fertilisers Ltd. 90 ITD 344 (Hyd) in which an identical issue came up for consideration of the ITAT wherein the value of the current assets were ascribed after the date of agreement and on that ground itself, it was claimed by the department that it was not a slump sale. The ITAT has clearly held that special procedures stipulated in the agreement for valuation of certain it…
