https://www.taxtmi.com/caselaws?id=39223 The court ruled that the profit on the transfer of assets from a company to its subsidiary company should be assessed under section 41(2) of the Income-tax Act and not exempted under section 47(iv). The court emphasized that section 47(iv) applies only to transactions involving capital gains and does not exempt profits where no capital gain is involved. The decision clarified the interaction of various sections of the Act in determining the tax treatment of such profits, highlighting the importance of accurate application of the provisions to ascertain tax liability in asset transfer transactions. en-us Wed, 19 Dec 1973 00:00:00 +0530 Tue, 13 Apr 2010 18:03:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39223 The court ruled that the profit on the transfer of assets from a company to its subsidiary company should be assessed under section 41(2) of the Income-tax Act and not exempted under section 47(iv). The court emphasized that section 47(iv) applies only to transactions involving capital gains and does not exempt profits where no capital gain is involved. The decision clarified the interaction of various sections of the Act in determining the tax treatment of such profits, highlighting the importance of accurate application of the provisions to ascertain tax liability in asset transfer transactions. Case-Laws Income Tax Wed, 19 Dec 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39223