Supreme Court of India
Commissioner of Income Tax, Cochin v. Mrs. Grace Collis and Ors.
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1 Supreme Court bench has cited this judgment.
From the headnote
Income Tax Act, 1961-Sections 2(47), 45, 47 and 49(2)-Scheme of Amalgamation under the Companies Act-Sharns in amalgamated company given in lieu of sharns in amalgamating company in the ratio of 1: 14-Sale c of sharns of amalgamated company by assessee-Transfer--Capital Gains Tax-Liability of-Held, extinguishment of shares of amalgamating company on amalgamation ccme within the purview of the definition of 'transfer' - Exigible to capital gains tax-Companies Act, 1956-Sections 391 (2) and 394. Respondent-assessees were shareholders of ' ' company. Under a Scheme of Arrangement under Section
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