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of <h1>Finance Bill 2012 amends Section 47 of Income-tax Act: Mergers exempt from share issuance if company holds shares.</h1> Clause 15 of the Finance Bill, 2012 amends section 47 of the Income-tax Act concerning transactions not considered as transfers. The amendment modifies sub-clause (a) of clause (vii) to specify that in mergers, if the amalgamated company is also a shareholder in the amalgamating company, it is not required to issue shares in exchange for transferred shares. This change, effective from April 1, 2013, applies to the assessment year 2013-2014 and subsequent years.
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