Dear sir
in our case the entire business is transferred for a lump consideration and as a going concern. but damaged stock of 9 lakh not transferred. only agreement for sale is executed no deed executed. but actually business is transferred and transferee is doing the same business as going concern. is it slump sale or not . the business transferred on 31.03.2013 . is the profit for the f y 2012-13 is chargeable under income from business and sale of business under capital gain in FY 2012-13? agreement for sale on 31.03.2013.Consideration is received by way of cash and pay off creditors
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Slump sale
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here stock is not transferred so it can not be called as slump sale. the profit or loss is recognised as business Income
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