https://www.taxtmi.com/caselaws?id=356724 The ITAT held that the transaction of selling shares to a second step-down 100% subsidiary does not qualify as a transfer under section 47(iv) of the Income Tax Act. Consequently, the assessee's claim of capital loss was denied, and the AO's computation of capital gain based on fair market value was deemed irrelevant. The appeal of the assessee was partially allowed, dismissing the capital loss claim and acknowledging the nature of the transfer. The decision was pronounced on 28-02-2018. en-us Wed, 28 Feb 2018 00:00:00 +0530 Sat, 10 Mar 2018 06:57:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=356724 The ITAT held that the transaction of selling shares to a second step-down 100% subsidiary does not qualify as a transfer under section 47(iv) of the Income Tax Act. Consequently, the assessee's claim of capital loss was denied, and the AO's computation of capital gain based on fair market value was deemed irrelevant. The appeal of the assessee was partially allowed, dismissing the capital loss claim and acknowledging the nature of the transfer. The decision was pronounced on 28-02-2018. Case-Laws Income Tax Wed, 28 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=356724