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of <h1>Section 50CA Income Tax Act Exemption for Unquoted Shares Transfer When Company Board Suspended Under Companies Act Sections 241 & 242.</h1> The provisions of section 50CA of the Income Tax Act do not apply to the transfer of unquoted shares of a company, its subsidiary, or the subsidiary of such subsidiary by an assessee if the company's Board of Directors has been suspended by a Tribunal upon the Central Government's application under section 241 of the Companies Act, 2013. New directors must be appointed by the Central Government under section 242, and the shares must be transferred following a Tribunal-approved resolution plan, after consulting the jurisdictional Principal Commissioner or Commissioner. A subsidiary is defined as a company where another holds more than half of its equity share capital.
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