Quick Summary
Definition of the term slump sale 1. Slump sale is defined in clause (42C) of section 2 of the Act, as the transfer of one or more undertaking, by any means, for a lump sum consideration without values being assigned to individual assets and liabilities in such sales. Vide the Finance Act, 2021,
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FAQ :
The word "sales" in the definition of 'slump sale' is being replaced with the word "transfer".
Clause (42C) of section 2 of the Act is being amended.
The amendment is a consequential change to correct an inadvertent reference to 'sales' instead of 'transfer' in the definition, aligning it with the expanded scope of slump sales.
This amendment takes effect retrospectively from 1st April 2021.
It will apply in relation to the assessment year 2021-22 and subsequent assessment years.
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