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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Amendments to Income-tax Act: Defines 'Amalgamation' in Section 2, Details on Shareholding, Capital Assets, and Tax Rates</h1> The Finance (No. 2) Act, 1967 introduces amendments to the Income-tax Act, specifically in Section 2. It defines 'amalgamation' as the merger of companies where all properties and liabilities of the merging companies transfer to the amalgamated company, and shareholders holding at least 90% of shares become shareholders of the new entity. Additionally, it defines 'rate or rates in force' for tax purposes, referring to rates specified in the Finance Act of the relevant year. The amendment also addresses capital assets, including shares in Indian companies, and specifies the inclusion of holding periods for shares in amalgamating companies.
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