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of <h1>Section 47(vica) exempts cooperative bank asset transfers from capital gains tax during reorganizations.</h1> Section 47(vica) addresses transactions in business reorganizations where the transfer of a capital asset from a predecessor cooperative bank to a successor cooperative bank is not considered a transfer under income tax laws. This provision ensures that such transfers do not attract capital gains tax, as they are not recognized as transfers under Section 2(47) of the Income Tax Act. The capital assets involved in these transactions are defined under Section 2(14). This section is crucial for cooperative banks undergoing reorganization, providing tax relief during the transfer of assets.
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