Transfer exemption for stock-exchange membership allowed when exchanged for company shares before statutory cut-off, subject to prescribed conditions. The amendment adds two non-taxable transfer categories to section 47: transfers of stock-exchange membership by non-companies to companies in exchange for shares, defined by recognition under securities law; and transfers of land of a sick industrial company under a sanctioned scheme where the company is managed by its workers' co-operative, limited to the period from declaration of sickness until the year its net worth equals or exceeds accumulated losses, with 'net worth' defined by the sick companies statute.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Transfer exemption for stock-exchange membership allowed when exchanged for company shares before statutory cut-off, subject to prescribed conditions.
The amendment adds two non-taxable transfer categories to section 47: transfers of stock-exchange membership by non-companies to companies in exchange for shares, defined by recognition under securities law; and transfers of land of a sick industrial company under a sanctioned scheme where the company is managed by its workers' co-operative, limited to the period from declaration of sickness until the year its net worth equals or exceeds accumulated losses, with "net worth" defined by the sick companies statute.
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