https://www.taxtmi.com/caselaws?id=55753 The Tribunal upheld the rejection of the appellant's claim for a short-term capital loss due to the transfer of shares to its subsidiary company. It determined that the appellant effectively held the entire share capital of the subsidiary through a chain of subsidiaries, thus making the transfer ineligible for the exemption under section 47(iv) of the Income Tax Act. The legal fiction created by the Companies Act, 1956 regarding holding and subsidiary companies was applied consistently, leading to the dismissal of the appeal based on this interpretation. en-us Fri, 05 Feb 1988 00:00:00 +0530 Mon, 29 Nov 2010 18:08:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55753 The Tribunal upheld the rejection of the appellant's claim for a short-term capital loss due to the transfer of shares to its subsidiary company. It determined that the appellant effectively held the entire share capital of the subsidiary through a chain of subsidiaries, thus making the transfer ineligible for the exemption under section 47(iv) of the Income Tax Act. The legal fiction created by the Companies Act, 1956 regarding holding and subsidiary companies was applied consistently, leading to the dismissal of the appeal based on this interpretation. Case-Laws Income Tax Fri, 05 Feb 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55753