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Retro tax rush blunts court verdicts Finance Bill 2021 has widened the scope of slump sale to include all transfers thereby making them taxable even as an appeal is pending in the Supreme Court
The fine print of the budget shows the government resorting to retrospective provisions to overturn judicial pronouncements in the areas of slump sale, goodwill and the income adjustment of charitable trusts.
Finance Bill 2021 has widened the scope of slump sale to include all transfers thereby making them taxable even as an appeal is pending in the Supreme Court. Slump sale is defined as “the transfer of one or more undertakings as a result of sale for lump sum consideration without value being assigned to individual assets and liabilities”.