Capital gains exemption for land transfers by sick industrial companies managed through workers' co-operatives under a sanctioned scheme. Transfer of land by a sick industrial company managed by its workers' co-operative is treated as a transaction not regarded as a transfer for capital gains purposes where the transfer is made under a scheme sanctioned under section 18 of the Sick Industrial Companies Act, 1985. The land must be transferred during the prescribed period, and the period of holding of the previous owner is not taken into account. When these conditions are satisfied, the transfer is not regarded as a transfer for capital gains purposes.
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 land transfers by sick industrial companies managed through workers' co-operatives under a sanctioned scheme.
Transfer of land by a sick industrial company managed by its workers' co-operative is treated as a transaction not regarded as a transfer for capital gains purposes where the transfer is made under a scheme sanctioned under section 18 of the Sick Industrial Companies Act, 1985. The land must be transferred during the prescribed period, and the period of holding of the previous owner is not taken into account. When these conditions are satisfied, the transfer is not regarded as a transfer for capital gains purposes.
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