During relevant year, assessee transferred some portion of its land to its holding company ‘S’\u00a0Ltd. . Assessee, relying upon provisions of section 47(v), did not offer profit arising from sale of land to tax under head ‘capital gains’ on ground that it was a 100 per cent subsidiary of ‘S’\u00a0Ltd. \u00a0Asseessing Officer held \u00a0that 25 shares of assessee company were held by nominees of holding company . Accordingly\u00a0 he held that the assessee was not eligible for exemption of capital gains under section 47(v) . Allowing the appeal the Tribunal held that \u00a0nominees of holding company had no individual rights in said shares and those shares were held by them merely on behalf of holding company \u00a0hence the \u00a0assessee was entitled to exemption. On appeal by the revenue the Court affirmed the order of the Appellate Tribunal\u00a0 (AY. 2007-08)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 47(v) : Capital gains – Transaction not regarded as transfer – Subsidiary to holding company \u2013 25% of share holding is held by nominee share holding of holding company \u2013 Exemption cannot be denied [ S.45 ] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-19802","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-59o","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/19802","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=19802"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/19802\/revisions"}],"predecessor-version":[{"id":19803,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/19802\/revisions\/19803"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=19802"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=19802"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=19802"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}