Person liable under Sec 47A

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RAMAKRISHNAN MB (Querist)
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10 February 2011 Under Sec47A of IT Act, capital gain on transfer between Holding & subidiary which were exempt under Sec 47 would become taxable under certain circumstances and it is chargeable in the year of such occurrance.

The question is who is liable for tax payment - Transferor or Transferree?

If it is transferor (assuming- holding co)and such holding co was aquired by another company, who will be held liable?

CA Shailesh Kumar Bhagat

CA Shailesh Kumar Bhagat (Expert)
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11 February 2011 Transferor has to pay the tax in all cases .

If holding compnay is acquired by others, other will pay the tax liability.

RAMAKRISHNAN MB

RAMAKRISHNAN MB (Querist)
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12 February 2011 Sir
Is there any Case Law to this view

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