Bharat Bijilee Ltd. Decision - Be Cautious Before Relying

Eighth Annual Conference on International Taxation - Theme: Cross Border Taxation, The Indian Opportunity July 18 & 19, 2014

6 Pages Posted: 31 Jul 2014

See all articles by Ashish Karundia

Ashish Karundia

The Institute of Chartered Accountants of India

Date Written: July 18, 2014

Abstract

The recent decision given by the Bombay High Court in the case of Bharat Bijilee Ltd., has reiterated the principle that where the transfer of undertaking takes place in lieu of non-monetary assets e.g. shares and debentures etc., then in such a case the transaction will not qualify as 'slump sale' as defined under the Income Tax Act, 1961 (‘Act’) and accordingly not chargeable to tax under section 50B of the Act.

Keywords: Bharat Bijilee Ltd., slump sale, 50B

JEL Classification: K33, K34

Suggested Citation

Karundia, Ashish, Bharat Bijilee Ltd. Decision - Be Cautious Before Relying (July 18, 2014). Eighth Annual Conference on International Taxation - Theme: Cross Border Taxation, The Indian Opportunity July 18 & 19, 2014, Available at SSRN: https://ssrn.com/abstract=2474497 or http://dx.doi.org/10.2139/ssrn.2474497

Ashish Karundia (Contact Author)

The Institute of Chartered Accountants of India ( email )

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Post Box No. 7100
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India
9999222349 (Phone)

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