Ruling on Exemption under Section 47(iv) of the Income Tax Act (1961) Regarding a Share Buy-Back from a Parent Company by the Parent’s Wholly Owned Subsidiary

Journal
India
Bulletin for International Taxation 2012 (Volume 66), No. 8
This article analyses the recent ruling of the Authority for Advance Rulings that denied the exemption available under section 47(iv) of the Indian Income Tax Act (1961) on the buy-back of the shares of a wholly owned subsidiary held by the parent company by the wholly owned subsidiary itself.