Non-recognition of transfer: conversion and fund relocation rules exclude specified asset transfers from capital gains taxation. Amendments to section 47 exempt from capital gains: transfers of capital assets and allotment of shares on conversion of a primary co-operative bank into a banking company, with 'converted banking company' as defined in section 44DB; and transfers and corresponding allotments in a specified 'relocation' where an 'original fund' (a foreign collective investment vehicle meeting prescribed residence and investor protection conditions) transfers assets to a 'resultant fund' (an Indian AIF registered and located in an IFSC).
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Provisions expressly mentioned in the judgment/order text.
Non-recognition of transfer: conversion and fund relocation rules exclude specified asset transfers from capital gains taxation.
Amendments to section 47 exempt from capital gains: transfers of capital assets and allotment of shares on conversion of a primary co-operative bank into a banking company, with "converted banking company" as defined in section 44DB; and transfers and corresponding allotments in a specified "relocation" where an "original fund" (a foreign collective investment vehicle meeting prescribed residence and investor protection conditions) transfers assets to a "resultant fund" (an Indian AIF registered and located in an IFSC).
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