https://www.taxtmi.com/caselaws?id=396994 The High Court of Madras dismissed the Revenue's appeal and affirmed the Tribunal's decision regarding the assessee's eligibility for exemption under Section 47(v) of the Income Tax Act. The court emphasized the requirement that the whole share capital of the subsidiary company must be held by the holding company to qualify for the exemption, disregarding the presence of nominee shareholders. The court's analysis focused on the shareholding structure, Companies Act provisions, and legislative intent behind the exemption provisions, ultimately supporting the assessee's position. en-us Thu, 16 Jul 2020 00:00:00 +0530 Wed, 29 Jul 2020 14:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396994 The High Court of Madras dismissed the Revenue's appeal and affirmed the Tribunal's decision regarding the assessee's eligibility for exemption under Section 47(v) of the Income Tax Act. The court emphasized the requirement that the whole share capital of the subsidiary company must be held by the holding company to qualify for the exemption, disregarding the presence of nominee shareholders. The court's analysis focused on the shareholding structure, Companies Act provisions, and legislative intent behind the exemption provisions, ultimately supporting the assessee's position. Case-Laws Income Tax Thu, 16 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396994