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The article in this issue of Direct Tax Amicus discusses at length the question as to whether ‘slump exchange’ is covered by the provisions of Section 50B of the Income Tax Act, 1961. According to the authors, the question that arises is whether only transfer as a result of ‘sale’ would be covered by the provisions of Section 50B or whether slump sale includes other forms of ‘transfer’ as well, as defined in Section 2(47). Another issue that comes to light is whether transfer for non-monetary consideration can constitute a ‘sale’. Analysing various Court decisions, the authors note that there is a conflict of opinion between various High Courts on the issue whether slump exchange is covered by the definition of ‘slump sale’ for the purposes of taxability under Section 50B. It is noted that these cases are pending before the Supreme Court and a final word on this vexed issue is eagerly awaited...
Notifications and Circulars
Vivad se Vishwas scheme – Cut-off date for making payment extended again
Transfer pricing – Tolerance range for AY 2020-21 notified
Condonation of delay in filing of Form No. 10BB for AY 2016-17 and subsequent years
Due dates for filing of Return and Tax Audit Report for AY 2020-21 extended
Equalisation Levy Rules, 2016 amended
Ratio decidendi
Consideration received from cashless exercise of stock option is taxable as capital gains – Karnataka High Court
Proceeds from sale of audio and TV rights of film covered under ‘receipts from exhibition of films’ under Rule 9A – ITAT Bengaluru
Transfer of rights in land and/or building not covered under Section 50C for calculation of capital gains – Section to be read strictly – ITAT New Delhi
Mere location of inter-state Tribunal cannot decide jurisdiction of High Court to challenge that Tribunal’s order – Bombay High Court
Tax on royalty income cannot be levied on aggregate basis – Sub-clauses of Section 115A(1)(b) are mutually exclusive and independent – Karnataka High Court
