https://www.taxtmi.com/caselaws?id=34608 The High Court upheld the Tribunal's decision, ruling that the transfer of a business undertaking by a company to its wholly owned subsidiary on a slump basis, without individual asset valuation, falls under the exemption of section 47(iv) of the Income-tax Act, 1961. The Court held that no capital gains tax was applicable as the transfer did not involve stock-in-trade and satisfied the conditions of the provision. The appeal was dismissed, and parties were instructed to comply with the order. The judgment clarified the tax implications of such transfers under section 47(iv). en-us Mon, 08 Sep 2008 00:00:00 +0530 Tue, 22 Sep 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=34608 The High Court upheld the Tribunal's decision, ruling that the transfer of a business undertaking by a company to its wholly owned subsidiary on a slump basis, without individual asset valuation, falls under the exemption of section 47(iv) of the Income-tax Act, 1961. The Court held that no capital gains tax was applicable as the transfer did not involve stock-in-trade and satisfied the conditions of the provision. The appeal was dismissed, and parties were instructed to comply with the order. The judgment clarified the tax implications of such transfers under section 47(iv). Case-Laws Income Tax Mon, 08 Sep 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=34608