Business reorganisation transfer not regarded as transfer, preserving capital asset treatment in predecessor-successor co operative bank restructurings. Business reorganisation transfers of capital assets from a predecessor co-operative bank to a successor co-operative bank are treated as not constituting a transfer for capital gains purposes under Income Tax, covering any capital asset and identifying the transferor and transferee as the predecessor and successor co-operative banks respectively.
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Provisions expressly mentioned in the judgment/order text.
Business reorganisation transfer not regarded as transfer, preserving capital asset treatment in predecessor-successor co operative bank restructurings.
Business reorganisation transfers of capital assets from a predecessor co-operative bank to a successor co-operative bank are treated as not constituting a transfer for capital gains purposes under Income Tax, covering any capital asset and identifying the transferor and transferee as the predecessor and successor co-operative banks respectively.
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