02-25-2010, 06:02 PM
Dear,
Your query reveals, as I observed, that the transaction has been taken place in between wholly-owned companies(Reference exhibit Section 97 â 4a.), hence the said section is obligatory for you.
No gain or loss will be recognized in such a case, as section 97 â 1a specifically reveals the same that if both the companies belongs to the wholly owned companies then no loss or gain shall be taken to arise on the disposal.
Thanks for your email brother, if you had not emailed probably I would not have replied, since for a long time, I am out of touch.
Best Regards,
Faisal.
Your query reveals, as I observed, that the transaction has been taken place in between wholly-owned companies(Reference exhibit Section 97 â 4a.), hence the said section is obligatory for you.
No gain or loss will be recognized in such a case, as section 97 â 1a specifically reveals the same that if both the companies belongs to the wholly owned companies then no loss or gain shall be taken to arise on the disposal.
Thanks for your email brother, if you had not emailed probably I would not have replied, since for a long time, I am out of touch.
Best Regards,
Faisal.
