On December 04, 2012, the 4th Chamber, 2nd Ordinary Panel, 1st Judging Section of the CARF dismissed by majority of votes the appeal filed by Schahin Corretora de Câmbio e Valores Mobiliários S/A, which dealt with the writing off of equity securities of the assets account without the corresponding writing off or realization of the constituted reserve and the updating of the Companhia Brasileira de Liquidação de Custódia - CBLC share value with the counterpart of updating reserve of equity securities.

In summary, it involved the disposal of BOVESPA and BM&F equity shares and shares of CBLC. Before the disposal, the amounts of such equity shares and of the shares with "equity share updating reserves" and "profit reserves" had been updated by the assessed company.

In his vote, reporting counselor Antônio José Praga de Souza stated that the equity method, provided in Law n. 6.404/76, applied only to joint-stock companies. Accordingly, such method could not be applied to non-profitable associations, such as BOVESPA and BM&F at the time. Moreover, the he considered that Administrative Ruling n. 785/77, only postponed the taxation of the brokerage firm´s gains to the moment the investment was made (disposal of portions invested in the Stock Exchanges). In this context, he decided that the capital gain obtained when disposing of the equity securities is taxable, and must be calculated based on the acquisition cost of the mentioned assets.

Finally, with respect to the disposal of the CBLC shares, he expressed the same opinion, for the imposition of IRPJ and CSLL on the capital gain obtained, since they could not be treated the same way as BOVESPA and BM&F equity shares, in view of the nature of shares.

(Panel Decision 1402-001.263. Available at: <http://carf.fazenda.gov.br/sincon/public/pages/ConsultarJurisprudencia/listaJurisprudenciaCarf.jsf>. Access in: Apr. 2013).