THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-3(1), , VISAKHAPATNAM vs. DEVI SEA FOODS LIMITED, , VISAKHAPATNAM
In the result, appeal of the revenue as well as the cross objections of the assessee are dismissed
ITA 497/VIZ/2019[2013-14]Status: DisposedITAT Visakhapatnam18 Jun 2020AY 2013-14
Bench: Shri V. Durga Rao& Shri D.S. Sunder Singhआयकर अपील सं./I.T.A.No.497/Viz/2019 (निर्धारण वर्ा/Assessment Year:2013-14) Asst.Commissioner Of Income Tax Vs M/S Devi Sea Foods Limited Circle-3(1) D.No.50-1-51/1 Visakhapatnam Asr Nagar, Seethammadhara Visakhapatnam [Pan : Aabcd0248B] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) Cross Objection No.130/Viz/2019 Arising Out Of I.T.A.No.497/Viz/2019 (निर्धारण वर्ा/Assessment Year:2013-14) M/S Devi Sea Foods Limited Vs Asst.Commissioner Of D.No.50-1-51/1 Income Tax Asr Nagar Circle-3(1) Seethammadhara Visakhapatnam Visakhapatnam [Pan : Aabcd0248B] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) रधजस्व कीओर से /Revenue By : Shri S.Ravi Shankar Narayan, Cit, Dr निर्धाऩरती की ओर से / Assessee By : Shri G.V.N.Hari, Ar सुिवधई की तधरीख / Date Of Hearing : 08.06.2020 घोर्णध की तधरीख/Date Of Pronouncement : 19.06.2020
For Appellant: Shri G.V.N.Hari, ARFor Respondent: Shri S.Ravi Shankar Narayan
Section 180Section 2Section 50Section 50B
50B is a special provision for computation of capital gains in case of slump sale. There is no requirement to consider the other provisions of section 48 and 49 as required in the case of normal capital gains. Hence, observed that there is no need to consider indexed cost of acquisition or improvement in the slump sale. Thus, held that
