Withdrawal of exemption in certain cases.47A. (1) Where at any time before the expiry of a period of eight years from the date of the transfer of a capital asset referred to in clause (
iv) or, as the case may be, clause (
v) of section 47,-
| (i) | - | such capital asset is converted by the transferee company into, or is treated by it as, stock-in-trade of its business; or |
| (ii) | - | the parent company or its nominees or, as the case may be, the holding company ceases or cease to hold the whole of the share capital of the subsidiary company, |
the amount of profits or gains arising from the transfer of such capital asset not charged under section 45 by virtue of the provisions contained in clause (
iv) or, as the case may be, clause (
v) of section 47 shall, notwithstanding anything contained in the said clauses, be deemed to be income chargeable under the head "Capital gains" of the previous year in which such transfer took place.](2) Where at any time, before the expiry of a period of three years from the date of the transfer of a capital asset referred to in clause (
xi) of section 47, any of the shares allotted to the transferor in exchange of a membership in a recognised stock exchange are transferred, the amount of profits and gains not charged und
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