The Apex Court in case of CIT vs. Equinox Solutions Pvt. Ltd, (2017) 393 ITR 563 has held that the sale of a running business with all its assets and liabilities would be covered as under the Income-tax Act, 1961 for the

CS Executive · Tax Laws · PYQS · December 2020
The Apex Court in case of CIT vs. Equinox Solutions Pvt. Ltd, (2017) 393 ITR 563 has held that the sale of a running business with all its assets and liabilities would be covered as under the Income-tax Act, 1961 for the purpose of tax thereon.
(A) Normal sale
(B) Slump sale
(C) Transfer of business
(D) Conversion of business

Answer & Explanation:

Correct Answer: Option (B)

Official answer key: (B).

Topics: Capital Gains

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