Itxa/461/2008 Of The Commissioner Of Income Tax Ii , Thane v. Shri. Shashi Aggarwal

1 Commissioner of Income Tax-II....Appellant Shri.Shashi Aggarwal....Respondent.--- Mr.Bhatnagar with N.R.Prajapati, for appellant.Mr.S.Agarwal with M.Subramanium, for Respondent. P.C.:- 1.Heard the learned Counsel appearing for boththe sides. So far as the first question isconcerned, it is an admitted position that when theassessee visited the convention at Glasgow though hevisited it as Rotarian and as tour operator, theexpenditure was not provided by rotary and therefore,in our opinion, the Tribunal has rightly said thatthe expenditure is business expenditure. 2.So far as the second question is concerned,it is common ground that it was a slump sale.However, according to the revenue, it was taxableunder Section 50 of the Income Tax Act. The tribunalhas rightly held that it will not be taxable underSection 50 of the Act but subsequently thelegislature has made specific provision byintroducing Section 50B and as section 50B was not inforce in the relevant assessment year i.e. 1998-99,the provision of Section 50B cannot be madeapplicable. No question of law arises. Hence, theappeal is rejected. (D.K.DESHMUKH, J.) (J.P.DEVADHAR, J.)