Trunk infrastructure transfer to wholly-owned Indian subsidiary exempt from capital gains tax u/s 47(iv) of Income Tax Act.

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....Transactions not regarded as transfer - exemption from tax on capital gains - the prerequisites provided in Section 47(iv) of the Act stand fulfilled i.e., the transfer of the Trunk Infrastructure/capital work-in-progress was made by the respondent/assessee to its 100% subsidiary and the subsidiary was an Indian company. - HC....