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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
Case Law Details
- Case Name
- CIT Vs Coats of India Ltd. (Calcutta High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Calcutta High Court
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RELEVANT EXTRACTS:
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 were produced before the CIT (Appeals). The company had transferred a business undertaking as a whole which was a capital asset in itself, that ...
