Business reorganisation asset transfers by co-operative banks are not treated as transfers, with original cost base preserved. Transfer of a capital asset in a business reorganisation by a predecessor co-operative bank to a successor co-operative bank, and under the later provision also to a converted banking company, is treated as a transaction not regarded as a transfer for capital gains purposes. The transferee takes the asset at the same cost at which the previous owner acquired it, preserving the original cost base for tax 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.
Business reorganisation asset transfers by co-operative banks are not treated as transfers, with original cost base preserved.
Transfer of a capital asset in a business reorganisation by a predecessor co-operative bank to a successor co-operative bank, and under the later provision also to a converted banking company, is treated as a transaction not regarded as a transfer for capital gains purposes. The transferee takes the asset at the same cost at which the previous owner acquired it, preserving the original cost base for tax purposes.
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