Held that balance consideration received from escrow agents by subsidiary after amalgamation on behalf of erstwhile Chennai Company which was taxed in hands of erstwhile Chennai company at Chandigarh the same amount cannot be taxed again in hands of subsidiary in Chennai.
ACIT v. Investment Trust of India Ltd. (2021) 88 ITR 566 / 211 TTJ 777/ 203 DTR 289(Chennai) (Trib.) Dy. CIT v. HFCL Infotel Ltd. (2021) 88 ITR 566/ 211 TTJ 777 / 203 DTR 289 (Chennai)(Trib.)
S. 50B : Capital gains-Slump sale-Amalgamation of Companies- Subsidiary-Balance consideration received from escrow agents by subsidiary after amalgamation on behalf of erstwhile Chennai Company-Taxed in hands of erstwhile Chennai company at Chandigarh -cannot be taxed again in hands of subsidiary in Chennai [S. 2(19AA), 2(42C), 72A]