https://www.taxtmi.com/caselaws?id=61748 The Tribunal upheld the applicability of Sections 49(2) and 47(vii) of the Income-tax Act, determining that the cost of acquisition should be based on the shares in the amalgamating company. It ruled that capital gains arising from the transfer of shares during amalgamation were not taxable. Additionally, it found that the issue of shares in the amalgamated company did involve consideration, dismissing the argument to the contrary. The Tribunal also upheld the levy of interest under Sections 139(8) and 216, ultimately ruling against the assessees on all grounds. en-us Fri, 20 Jan 1984 00:00:00 +0530 Fri, 14 Jan 2011 16:28:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61748 The Tribunal upheld the applicability of Sections 49(2) and 47(vii) of the Income-tax Act, determining that the cost of acquisition should be based on the shares in the amalgamating company. It ruled that capital gains arising from the transfer of shares during amalgamation were not taxable. Additionally, it found that the issue of shares in the amalgamated company did involve consideration, dismissing the argument to the contrary. The Tribunal also upheld the levy of interest under Sections 139(8) and 216, ultimately ruling against the assessees on all grounds. Case-Laws Income Tax Fri, 20 Jan 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61748