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of <h1>Income-tax Act Section 47 Amended: Tax Exemption for Asset Transfers in Bank Mergers Approved by Central Government</h1> Section 47 of the Income-tax Act is amended by inserting clause (viaa), which exempts from taxation any transfer of a capital asset in a scheme of amalgamation between a banking company and a banking institution. This exemption applies when the amalgamation is sanctioned and enforced by the Central Government under section 45(7) of the Banking Regulation Act, 1949. The terms 'banking company' and 'banking institution' are defined as per the Banking Regulation Act, 1949, with 'banking company' as per section 5(c) and 'banking institution' as per section 45(15).
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