Premier Automobiles Ltd. v. ITO

264 ITR 193High Court2003#5573 most cited

What is Premier Automobiles Ltd. v. ITO authority for?

When a business is transferred, the chargeability of any resulting income arises under Section 50B of the Income Tax Act, 1961. The issue of whether a sale constitutes a slump sale is a key consideration in this context.

21

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2010 to 2025.

Also referred to as

Premier Automobiles Ltd. v. ITO · Section 50B · business transfer · slump sale · capital gains · transfer of undertaking · income tax

Sections most often in play

Section 115JBSection 142(1)Section 143(2)Section 143(3)Section 143(3A)Section 143(3B)Section 14ASection 195

Issues it is cited on

going concernsection 50transfersection 143(3)total incomebusiness

Judgments citing Premier Automobiles Ltd. v. ITO

Commissioner of Income Tax vs. ECE Industries Limited

ITA-417/2007HC Delhi24 Dec 2010
Section 50Section 50(2)

…rvice various judgments which are taken note of the Tribunal in this behalf. Particular reference was made to the following judgments: (1) R.C. Cooper Vs. Union of India [AIR 1970 SC 564]; (2) Premier Automobiles Ltd. Vs. Commissioner of Income Tax [264 ITR 193 (Bom)]; (3) Commissioner of Income Tax Vs. Max India Ltd. [319 ITR 68 (P & H)] (4) Commissioner of Income Tax Vs. Narkeshwari Prakashan Ltd. [196 ITR 438 (Bom.)] 14. We have given our due consideration to the aforesaid submissions made by counsel for the parties on either side. Before we embark on the discussion on the issue that qua…