Transfer of shares by one set of shareholders to another doesn’t give rise to any taxable event in hands of company

ACIT Vs Shimmer Developers Pvt. Ltd. (ITAT Delhi) ITAT Delhi held that transfer of shares of company by one set of shareholders to another set of shareholders does not give rise to any taxable event in the hands of company and has no tax incidence in the hands of the company whose shares were subject matter of transfer. Facts- The assessee a private limited company engaged in business of real estate inter alia holds a property located at Barakhamba Road, New Delhi. A search and seizure operations were carried out u/s. 132 of the Act on AEZ Group and it was observed that the assessee company he...