HC explains when Transfer to holding company cannot be regarded as Transfer

CIT Vs Shardlow India Ltd. (Madras High Court)

In this case The assessment was reopened on 06.8.2013 by issuing a notice under Section 148 of the Act on the ground that the assessee transferred some portion of its land at Sembium to its holding company namely M/s.Simpson & Co. Ltd., for a consideration of Rs.375 lakhs resulting in a profit on sale of asset and the same was not offered to tax under the head ‘capit

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