TMI BlogGain/loss on sale of shares - legal nature of the transaction - As per companies Act shareholder and...Gain/loss on sale of shares - legal nature of the transaction - As per companies Act shareholder and company both are two separate legal person capable of holding property of any kind in their own name. The land in question was held by M/s ARGHPL and not by the shareholder i.e. Assessee company. By being shareholder, the assessee cannot be said to be the owner of the land held by impugned company for the reason that a company is perpetual succession not affected by incoming and outgoing of its s..... ..... X X X X Extracts X X X X X X X X Extracts X X X X
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