“going concern”

ACIT Central Circle 7 4, Mumbai vs. Zytex Biotech Private Limited, Mumbai

The appeal of the revenue is dismissed

Bench: Shri Saktijit Dey & Ms Padmavathy S, Am

qualified as a slump sale under Section 2(42C), despite the absence of a transfer of a complete business undertaking as a "going concern." The transaction involved only the selective transfer of client lists, contracts, and employees, failing to meet the statutory criteria of an "undertaking" under Section

DCIT Cen Cir 1(4), Mumbai vs. Grasim Industries Ltd, Mumbai

In the result, appeal of the revenue and the assessee are partly allowed, and the additional ground of the assessee is dismissed

Bench: Shri Narendra Kumar Billaiya & Shri Anikesh Banerjee

Power and Steel Ltd. (“Welspun”) for the transfer of its Sponge Iron Unit known as Vikram Ispat Unit (hereinabove as the “Unit”) as a going concern. In Recital C of the Framework Agreement, Page 505 of FPB – I, it was agreed that the Unit shall be transferred through a Scheme ... Arrangement under section 391 of the Companies Act, 1956 on a going concern basis to a Company to be incorporated as a Special Purpose Vehicle (“SPV”). The assessee was to initially hold a stake in the SPV and Welspun was to acquire a majority stake in the SPV through subscription

Grasim Industries Limited, Mumbai vs. DCIT, CC-1(4), Mumbai

In the result, appeal of the revenue and the assessee are partly allowed,

Bench: Shri Narendra Kumar Billaiya & Shri Anikesh Banerjee

Power and Steel Ltd. (“Welspun") for the transfer of its Sponge Iron Unit known as Vikram Ispat Unit (hereinabove as the “Unit”) as a going concern. In Recital C of the Framework Agreement, Page 505 of FPB I, it was agreed that the Unit shall be transferred through a Scheme ... Arrangement under section 391 of the Companies Act, 1956 on a going concern basis to a Company to be incorporated as a Special Purpose Vehicle (“SPV”). The assessee was to initially hold a stake in the SPV and Welspun was to acquire a majority stake in the SPV through subscription

ACIT-CC-7(3), Mumbai vs. Calculus Properties Private Limited, Mumbai

In the result, all the three appeals by the Revenue are dismissed

Bench: Shri Amit Shukla & Shri Girish Agrawal

assessee's funds have been routed back to it in the form of unsecured loans. It is also evident that the lender companies are going concerns having sufficient reserves and surplus to advance loan to the assessee which has been undertaken through proper banking channel. Due interest has been paid

ACIT-CC-7(3), Mumbai vs. Calculus Properties Private Limited, Mumbai

In the result, all the three appeals by the Revenue are dismissed

Bench: Shri Amit Shukla & Shri Girish Agrawal

assessee's funds have been routed back to it in the form of unsecured loans. It is also evident that the lender companies are going concerns having sufficient reserves and surplus to advance loan to the assessee which has been undertaken through proper banking channel. Due interest has been paid

ACIT-CC-7(3), Mumbai vs. Calculus Properties Private Limited, Mumbai

In the result, all the three appeals by the Revenue are dismissed

Bench: Shri Amit Shukla & Shri Girish Agrawal

assessee's funds have been routed back to it in the form of unsecured loans. It is also evident that the lender companies are going concerns having sufficient reserves and surplus to advance loan to the assessee which has been undertaken through proper banking channel. Due interest has been paid

ACIT-8(1)(1), Mumbai vs. Reliance Life Sciences Pvt. Ltd., Navi Mumbai

Bench: Smt. Beena Pillai & Shri Girish Agrawal

Further, RGMX made disclosures in the notes to financial statements forming part of its annual report. In respect of the aspect of going concern, it has reported the following. “Going concern The Company is part of the Reliance Life Sciences Group of companies. The Company was previously working towards ... budget The Company will also have the support of its parent company, as needed, and as such the directors are satisfied that the "Going Concern" basis of preparing the financial statements is appropriate.” 4. 8. Assessee also placed on record the amendment in terms of loan agreement dated

Novateur Electrical and Digital Systems Pvt Ltd., Mumbai vs. Asst CIT 10(3)(1), Mumbai

In the result, appeal of the assessee is partly allowed and that by the Revenue is dismissed

Bench: Smt. Beena Pillai & Shri Girish Agrawalassessment Year: 2012-13

Assessee had acquired switchgear division of Indo Asian Fusegear Limited through business transfer agreement, dated 22.07.2010 by way of slump sale on a going concern basis for total consideration of Rs.600 Crores. This transaction of slump sale is relevant to Assessment Year 2011-12. To record the transaction of slump ... Indo Asian Fusegear Ltd., from whom the assessee acquired the switchgear division under the business transfer agreement by way of slump sale on a going concern basis. For this we refer to the decision of Coordinate Bench of ITAT, Mumbai in the case of Thermo Fisher Scientific India

Dy CIT 10(3)(1), Mumbai vs. M/S Novateur Electricals and Digital Systems Pvt Ltd., Mumbai

In the result, appeal of the assessee is partly allowed and that by the Revenue is dismissed

Bench: Smt. Beena Pillai & Shri Girish Agrawalassessment Year: 2012-13

Assessee had acquired switchgear division of Indo Asian Fusegear Limited through business transfer agreement, dated 22.07.2010 by way of slump sale on a going concern basis for total consideration of Rs.600 Crores. This transaction of slump sale is relevant to Assessment Year 2011-12. To record the transaction of slump ... Indo Asian Fusegear Ltd., from whom the assessee acquired the switchgear division under the business transfer agreement by way of slump sale on a going concern basis. For this we refer to the decision of Coordinate Bench of ITAT, Mumbai in the case of Thermo Fisher Scientific India

Thermo Fisher Scientific India Private Limited, Mumbai vs. The Deputy Commissioner of Income Tax -15(3)(1), Mumbai

In the result, appeal of the assessee is allowed as per our aforesaid

Bench: Shri Amit Shukla & Shri Arun Khodpiaआयकर अपील सं. / Ita No.2847/Mum/2025 निर्धारण वर्ष / Assessment Year :2020-21 Thermo Fisher Scientific India Private Limited 403-404, Delphil B Wing, Hiranandani Business Park, Powai Iit, Mumbai-400 076 Pan : Aabct3207A ........अपीलार्थी / Appellant बनाम / V/S. The Deputy Commissioner Of Income Tax-15(3)(1), Mumbai ......प्रत्यर्थी / Respondent Assessee By : Shri Vipul Soni Revenue By : Shri Himanshu Joshi, Sr. Dr सुनवाई की तारीख / Date Of Hearing :14.08.2025 घोषणा की तारीख / Date Of Pronouncement : 20.08.2025

sides and perused the material available on record. During the assessment year 2008-09, the assessee acquired by way of slump sale on a going concern basis the Qualigens Fine Chemicals Division from GSK Pharma Ltd. Further, during the assessment year 2009-10, the assessee acquired on a slump sale ... assessee in two transactions of acquisition of two units. The assessee claimed that those acquisitions are for purchase of unit for lumpsum consideration, as going concerns in the nature of slump sale, which is subject to capital gain tax us 50B in the hand of seller. Where as the according

Calyx Chemicals and Pharmaceuticals Limited, Mumbai vs. Income Tax Officer CC 4, Thane

In the result, the appeal of the assessee is allowed

Bench: Shri Sandeep Gosain & Shri Prabhash Shankarcalyx Chemicals & V/S. Income Tax Officer, Pharmaceuticals Limited, बनाम Centre Circle – 4, Thane, 1408, 14Th Floor, Real Tech Maharashtra Park, Sector – 30A, Vashi, Navi Mumbai - 400 703, Maharashtra स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aabcc1457B Appellant/अपीलार्थी .. Respondent/प्रतिवादी

owners of the company in place of the erstwhile promoters and in view thereof, the financial statements of the company have been prepared on “Going Concern Basis”. 6.1 Since the very validity of the assessment order and the reopening are vehemently opposed, we consider it appropriate to consider the same ... dominant objects of the IBC is to see that an attempt has to be made to revive the Corporate Debtor and make it a going concern. For that a Resolution Applicant has to prepare a Resolution Plan on the basis of the Information Memorandum containing various details that have been

Thermo Fisher Scientific India Pvt Ltd., Mumbai vs. Dy CIT 15 (3)(1), Mumbai

Bench: SHRI RAHUL CHAUDHARY, JUDICIAL MEMBER SHRI OMKARESHWAR CHIDARA (Accountant Member)

sides and perused the material available on record. During the assessment year 2008-09, the assessee acquired by way of slump sale on a going concern basis the Qualigens Fine Chemicals Division from GSK Pharma Ltd. Further, during the assessment year 2009- 10, the assessee acquired on a slump sale ... assessee in two transaction of acquisition of two units. The assessee claimed that those acquisitions are for purchase of unit for lumpsum consideration, as going concerns in the nature of slump sale, which is subject to capital gain tax us 50B in the hand of seller. Whereas the according