Section 50B(1)

(1) Any profits or gains arising from the slump sale effected in the previous year shall be chargeable to income -tax a s capital gains arising from the transfer of long -term capital assets and shall be deemed to be the income of the previous year in which the transfer took place: Provided that any profits or gains arising from the transfer under the slump sale of any capit al asset being one or more undertakings owned and held by an assessee for not more than thirty -six months immediately preceding the date of its transfer shall be deemed to be the capital gains arising from the transfer of short -term capital assets.