Gain on transfer of capital assets to wholly own subsidiary is not INCOME at all in Income Tax Act. Hence, even MAT is not applicable

Brief of the case-  In the case of Venture Pvt.Ltd vs. DCIT,  ITAT Mumbai has held that (1) the Net profit shown in the Profit and loss account should be adjusted with the items given in Notes to accounts, meaning thereby, the profits arising on sale of capital asset to its wholly owned subsidiary company should be excluded from the Net profit. Profits arising on sale of capital asset to its wholly owned subsidiary company does not fall under the definition of “income” at all and since it does not enter into the computation provisions at all, there is no question of including the same in...