Rule 54: Form 28 accountant report for slump sale
Rule 54 prescribes Form No. 28 for the accountant’s report required for a slump sale under section 77(4). It links the report deadline to the specified date referred to in section 63.
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Bare law
Rule 54 - Form of report of an accountant in respect of slump sale
In case of a slump sale under section 77(4), every assessee is required to submit a report from an accountant as defined in section 515(3)(b), in Form No. 28 before the specified date referred to in section 63.
Rule breakdown
Confirm the section 77 slump-sale reporting requirement
The rule applies to the accountant’s report under section 77(4). Confirm the transaction’s treatment under that provision and prepare the relevant computation.
Calling a transaction an asset sale or business transfer in a contract does not by itself determine whether this statutory report is required.
Obtain the report in Form 28
The prescribed report must come from an accountant within section 515(3)(b)’s definition and be in Form No. 28. Use the current official form and reconcile it to the transaction records.
Keep the transfer agreement, computation, valuation evidence and supporting books available for the reporting accountant.
Track the specified date separately
The report must be submitted before the specified date referred to in section 63. Check that current statutory date and the applicable filing instructions for the taxpayer and tax year.
Do not assume that a general contractual completion date or the return-filing date is the report deadline without checking the linked provision.
Reconcile the valuation and report file
Coordinate the Rule 53 valuation workings and section 77 computation with the Form 28 report. Retain the completed report and submission acknowledgment.
The report requirement does not replace the underlying valuation rules or turn the reported figure into an automatic exemption.
Key takeaways
Form 28
This is the prescribed section 77(4) report.
Defined accountant
Use the accountant definition in section 515(3)(b).
Linked deadline
Submit before the section 63 specified date.
Practical checklist
- Confirm section 77(4) applicability.
- Reconcile the report with valuation and transaction records.
- Track the statutory specified date and retain acknowledgment.
Avoid
- Do not substitute an arbitrary certificate for the prescribed report.
- Do not assume the return date and report date are identical.
FAQs
Which form is prescribed?
Form No. 28.
Is the deadline simply the transfer date?
No. Rule 54 refers to the specified date under section 63.
Does filing Form 28 replace the valuation computation?
No. The relevant section 77 and Rule 53 computations must still be correctly prepared.
Glossary
- Form 28
- The accountant’s report prescribed by Rule 54.
- Specified date
- The linked date referred to in section 63 for the Rule 54 report requirement.