Provision of Sec. 47(v) applies even if certain shares of subsidiary Co. are held by nominees of holding Co.

INCOME TAX : Where assessee's claim for exemption of profit under section 47(v) in respect of sale of land to holding company was rejected on ground that certain shares of assessee company were held by nominees of holding company, in view of fact that nominees had no individual rights in said shares and those shares were held by them merely on behalf of holding company, impugned order rejecting assessee's claim was to be set aside

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