Commnr. Of Income Tax, Ahmedabad vs Equinox Solution Pvt. Ltd

The Supreme Court upheld the High Court's dismissal of the Revenue's appeal under Section 260-A of the Income Tax Act, 1961, affirming that the case did not involve any substantial question of law. The Court reiterated that the sale of the entire running business constituted a 'slump sale' under Section 48(2) and not a short-term capital gain under Section 50(2). Consequently, the Court confirmed the findings of the CIT (Appeals) and the Income Tax Appellate Tribunal, allowing the assessee's claim for deduction.