AAR recommends reconsideration of RST’s ruling on availability of relief u/s. 47(iv)

Question No. 2 is whether even otherwise the transaction will stand outside section 45 of the Act in view of the section 47 (iv) of the Act. In the light of the Ruling on question No. 1, this question may have no efficacy. Counsel argued that an earlier Ruling rendered by this Authority In re RST (AAR No. 1067 of 2011) requires reconsideration. He argued that the interpretation placed on section 47(iv) of the Act, therein is not in consonance with the legislative intent and section 47(iv) has to be read as conferring benefit in three situations, one, when the parent company holds the whole of ...