 "Brief case: Taxmen take long, futile path in litigation")
Taxmen take long, futile path in litigation
Even if there is no “substantial question of law” involved, the income-tax (I-T) authorities can file appeal after appeal, prolonging the litigation for decades. This was the case in the fourth futile appeal by the revenue department in the case decided by the Supreme Court (SC) last week, CIT vs Equinox Solution. In this 1994 assessment, the Ahmedabad-based company decided to sell the entire going concern at one go in the nature of a “slump sale”. It claimed deduction, arguing the amount received from the buyer, Amtrex Appliances, was in the nature of long-term
