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Archive: 06 September 2008

Posts in 06 September 2008

Applicability of proviso to section 47(iv) of IT Act in case of transfer of capital asset by a company to its wholly owned subsidiary

September 6, 2008 2738 Views 0 comment Print

Therefore, there cannot be a formula which had no connection with the value of the individual assets and the liabilities. The price was determined that of the business and therefore, there is no question of picking up any portion of such price and charging its capital gains. It appears to us that before transfer of the company, the said company had issued subscribed share capital and the original share certificates

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