Capital gains exemption for share transfers in banking reorganisations when shareholders receive allotment in the successor bank. A transfer by a shareholder, in a business reorganisation, of shares held in a predecessor co-operative bank is treated as a transaction not regarded as a transfer for capital gains purposes where the transfer is made in consideration of allotment of shares in the successor co-operative bank or the converted banking company. The provision applies to the shareholder as transferor and the successor co-operative bank as transferee, with the capital asset being the shares held in the predecessor co-operative bank.
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.
Capital gains exemption for share transfers in banking reorganisations when shareholders receive allotment in the successor bank.
A transfer by a shareholder, in a business reorganisation, of shares held in a predecessor co-operative bank is treated as a transaction not regarded as a transfer for capital gains purposes where the transfer is made in consideration of allotment of shares in the successor co-operative bank or the converted banking company. The provision applies to the shareholder as transferor and the successor co-operative bank as transferee, with the capital asset being the shares held in the predecessor co-operative bank.
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