Tax exemption for transfers in sanctioned banking amalgamations preserves tax neutrality on capital asset transfers. A new provision excludes from capital gains tax any transfer of a capital asset by a banking company to a banking institution made under a scheme of amalgamation that is sanctioned and brought into force by the Central Government under the Banking Regulation Act; the amendment clarifies that the terms banking company and banking institution have the meanings assigned to them in the Banking Regulation Act.
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.
Tax exemption for transfers in sanctioned banking amalgamations preserves tax neutrality on capital asset transfers.
A new provision excludes from capital gains tax any transfer of a capital asset by a banking company to a banking institution made under a scheme of amalgamation that is sanctioned and brought into force by the Central Government under the Banking Regulation Act; the amendment clarifies that the terms banking company and banking institution have the meanings assigned to them in the Banking Regulation Act.
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