Aniruddha JainRecently, the Ahmedabad Bench of the Income Tax Appellate Tribunal (“ITAT”) upheld the order of the learned Commissioner of Income Tax (appeals) treating the transfer of “Treasury Business” as non-compliant demerger u/s 2(19AA) of the Income Tax Act, 1961 and levied tax in the hands of the demerged company & its shareholders.
Transfer of Assets and no Liabilities to be treated as Non-Compliant Demerger – ITAT, Ahmedabad
