TRANSFER OF ASSETS ;;
Last updated: 02 December 2007
Court :
HC
Brief :
Held by the Hon`ble Court that as the transfer of asset is not one in the nature of transfer of assets from subsidiary to holding as covered by section 47(v) but is distribution of assets to the shareholders upon the liquidation of the company, hence the said transfer of assets is covered by section 46(2) for he purpose of capital gains.
Citation :
C.I.T. Vs. Brahmi Investments P.Ltd.
Transfer of Assets
C.I.T. Vs. Brahmi Investments P.Ltd.
02/10/2006
(2006) 286 ITR 66 (GUJ.)
Case Fact:
Whether transfer of assets by subsidiary company to its holding company upon the liquidation of the subsidiary are to be considered as transfer u/s 46(2)?
Decision:
Held by the Hon`ble Court that as the transfer of asset is not one in the nature of transfer of assets from subsidiary to holding as covered by section 47(v) but is distribution of assets to the shareholders upon the liquidation of the company, hence the said transfer of assets is covered by section 46(2) for he purpose of capital gains.
CA.Saibaburao Nanduri
Published in Income Tax
Views : 117
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