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slump sale

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(Querist)
20 December 2008 what is slump sale?what are the provision in income tax act relating to slump sale?
Is slump sale liable for sales tax?
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
21 December 2008 Slump sale means transfer of one or more undertaking as a result of sale for a lump sum consideration without assigning any value to individual asets and liabilities transferred. Section is 2(42C). Slump sales attracts capital gains tax u/s 50B. Sales tax (now KVAT) depends on the respective state legislature.
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