Content Provider | Supreme Court of India |
---|---|
e-ISSN | 30484839 |
Language | English |
Access Restriction | NDLI |
Subject Keyword | • 48(2) li1com~ •Tax Act 961 '- ss. 50(2) |
Content Type | Text |
Resource Type | Law Judgement |
Jurisdiction | India |
Case Type | Appeal |
Court | Supreme Court of India |
Disposal Nature | Appeal Dismissed |
Headnote | Income Tax Act, 1961- ss. 50(2), 48(2) -Applicability of-· . Sale of entire running· business with assets ai1d liabilities in one go if amounts to slump sale of a ''long term capital asset".- Respondent assessee sold its entire running business in one go and claimed deduction u/s 48(2) eating such sale as slump sale in the of a long term capital gain Assessing Officer rejected the exemption claimed holding that the case of the assessee wils covered u/s. 50(2) as it was in the nature of short term capital. gain ~ Appeal by respondent before. CIT (Appeal),· allowed holding·. that. the undertaking itself was a capital asset, owned by respondent for six years, being in the nature of long .term capital asset and the same having been so/din one go as a running concern cannot be rented . as short term capital gain Appeals by Review, dismissed by ITAT · and High Court - On appeal, held: The case of the respondent does not fall within the four corners of s.50 (2) - Provisions of s. 50 (2) would apply to a case where the assessee transfers one or · more block of assets, which he was Using in running of his business - However, when the. entire running business with all assets and liabilities are sold in. one go as done by the respondent treating such slump sale of "long~term capital asset" and not of. "short term capital asset." It was, therefore, required to be taxed accordingly - No fault found in the reasoning and.the conclusion arrived at by CIT (Appeal) which was rightly· upheld by the· Tribunal and High ·Court. |
Judge | Hon'ble Mr. Justice Abhay Manohar Sapre |
Neutral Citation | 2017 INSC 357 |
Petitioner | The Commissioner Of Income Tax, Ahmedabad |
Respondent | Equinqx Solution Pvt Ltd. |
SCR | [2017] 4 S.C.R. 94 |
Judgement Date | 2017-04-18 |
Case Number | 4399 |
National Digital Library of India (NDLI) is a virtual repository of learning resources which is not just a repository with search/browse facilities but provides a host of services for the learner community. It is sponsored and mentored by Ministry of Education, Government of India, through its National Mission on Education through Information and Communication Technology (NMEICT). Filtered and federated searching is employed to facilitate focused searching so that learners can find the right resource with least effort and in minimum time. NDLI provides user group-specific services such as Examination Preparatory for School and College students and job aspirants. Services for Researchers and general learners are also provided. NDLI is designed to hold content of any language and provides interface support for 10 most widely used Indian languages. It is built to provide support for all academic levels including researchers and life-long learners, all disciplines, all popular forms of access devices and differently-abled learners. It is designed to enable people to learn and prepare from best practices from all over the world and to facilitate researchers to perform inter-linked exploration from multiple sources. It is developed, operated and maintained from Indian Institute of Technology Kharagpur.
Learn more about this project from here.
NDLI is a conglomeration of freely available or institutionally contributed or donated or publisher managed contents. Almost all these contents are hosted and accessed from respective sources. The responsibility for authenticity, relevance, completeness, accuracy, reliability and suitability of these contents rests with the respective organization and NDLI has no responsibility or liability for these. Every effort is made to keep the NDLI portal up and running smoothly unless there are some unavoidable technical issues.
Ministry of Education, through its National Mission on Education through Information and Communication Technology (NMEICT), has sponsored and funded the National Digital Library of India (NDLI) project.
Sl. | Authority | Responsibilities | Communication Details |
---|---|---|---|
1 | Ministry of Education (GoI), Department of Higher Education |
Sanctioning Authority | https://www.education.gov.in/ict-initiatives |
2 | Indian Institute of Technology Kharagpur | Host Institute of the Project: The host institute of the project is responsible for providing infrastructure support and hosting the project | https://www.iitkgp.ac.in |
3 | National Digital Library of India Office, Indian Institute of Technology Kharagpur | The administrative and infrastructural headquarters of the project | Dr. B. Sutradhar bsutra@ndl.gov.in |
4 | Project PI / Joint PI | Principal Investigator and Joint Principal Investigators of the project |
Dr. B. Sutradhar bsutra@ndl.gov.in Prof. Saswat Chakrabarti will be added soon |
5 | Website/Portal (Helpdesk) | Queries regarding NDLI and its services | support@ndl.gov.in |
6 | Contents and Copyright Issues | Queries related to content curation and copyright issues | content@ndl.gov.in |
7 | National Digital Library of India Club (NDLI Club) | Queries related to NDLI Club formation, support, user awareness program, seminar/symposium, collaboration, social media, promotion, and outreach | clubsupport@ndl.gov.in |
8 | Digital Preservation Centre (DPC) | Assistance with digitizing and archiving copyright-free printed books | dpc@ndl.gov.in |
9 | IDR Setup or Support | Queries related to establishment and support of Institutional Digital Repository (IDR) and IDR workshops | idr@ndl.gov.in |