Sale of business on “ going concern ” basis is “ slump sale ” and not sale of depreciable asset

Sale of business on “going concern” basis is “slump sale” and not a sale of depreciable asset: The Supreme Court of India, in a case that arose prior to the introduction of slump sale provisions, held that sale of an entire running business on a “going concern” basis is a slump sale under section 50(2) of the Income-tax Act. The case is: Equinox Solution Pvt. Ltd. Read an April 2017 report [PDF 371 KB] of KPMG