Webb2(19AA) of the Act defines ‘slump sale’ as a transfer of one or more undertakings4 as a result of sale for a lumpsum consideration without assigning values to individual assets … Webb18 sep. 2024 · Slump sale also referred as business transfer is where the assessee transfers the entire division for lumpsum consideration without assigning selling price of …
Slump Sale - Section 50B Income Tax Act, 1961 - Sorting Tax
WebbAs per section 2 (42C) of the Income-tax Act 1961, ‘slump sale’ means the transfer of one or more undertakings as a result of the sale for a lump sum consideration without values … crewe family
Key Transaction Tax related Bill, 2024 at the enactment stage
WebbAll assets along with all the liabilities must be transferred.If there is a slump sale and no transfer of liabilities, it is a slump sale and the exemption from payment of GST would not be available. The rate of tax applicable on sale of assets will be leviable.The relevant provisions of the CGST Act are summarised as under: Section/Rule of CGST WebbSection 2(42C) defines slump sale to mean a transfer of one or more undertakings for a lumpsum consideration without values being assigned to the individual assets and … Webb10 apr. 2024 · ‘transfer of one or more undertakings as a result of the sale for a lump sum consideration without values being assigned to the individual assets and liabilities in such sales’. Hence in the present matter all such transfer including the transfer of technical know-how and patent etc. are in pursuance to the slump sale and not by way providing … crewe factory