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of <h1>Tax Implications of 1970 Bank Nationalization: Assessment Continuation, Shareholder Dividends, and Liability Transfers.</h1> The circular addresses the tax implications following the nationalization of 14 commercial banks under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970. It outlines the responsibilities for tax assessments of existing banks and their shareholders, and the corresponding new banks created post-nationalization. Key issues include the continuation of assessment proceedings, tax liabilities for income up to the 1969-70 assessment year, capital gains from the transfer of undertakings, and the treatment of distributions to shareholders as dividends. It specifies that tax liabilities and refunds related to the undertakings are transferred to the new banks, while certain liabilities remain with the existing banks.
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