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of <h1>Section 47A: Tax Exemptions Withdrawn if Capital Assets Converted or Shareholding Changes Within 8 Years.</h1> Section 47A of the Income-tax Act, introduced by the Taxation Laws (Amendment) Act, 1984, addresses the withdrawal of tax exemptions in specific scenarios. If, within eight years of transferring a capital asset, the transferee company converts it into stock-in-trade, or if the parent or holding company ceases to hold the entire share capital of the subsidiary, the profits from such transfer, initially exempt under section 47 clauses (iv) or (v), will be treated as taxable capital gains for the year the transfer occurred.
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