Whether for the purpose of determining the applicability of section 47, the condition for wholly-owned subsidiary is to be seen on the last date of financial year and explanation 6 to section 43(1) is not applicable?

DCIT, New Delhi Vs M/s NTPC- SAIL Power Supply Co. Ltd. (Dated: March 25, 2011)

Whether for the purpose of determining the applicability of section 47, the condition for wholly-owned subsidiary is to be seen on the last date of financial year and explanation 6 to section 43(1) is not applicable?

Whether where the shareholding pattern is changed and the assessee company seized to be a subsidiary company, the transfer of asset from the original company is not covered under section 47(iv)?

Whether the assessee will be entitled to depreciation on the cost at which the assessee company acquired the plant since the assessee company seized to be a subsidiary and the transaction in the hands of the assessee company has to be treated as transfer at the cost at which it had acquired the asset?

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