06 December 2014
Section 2(42C) of the Income Tax Act defines slump sale as "slump sale" means the transfer of one or more undertakings as a result of the sale for a lump sum consideration without values being assigned to the individual assets and liabilities in such sales.
In a slump sale the whole undertaking including ALL assets & liabilities are transferred. Further values are NOT assigned to individual assets.
A lump sum consideration is charged for the whole undertaking.
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