https://www.taxtmi.com/caselaws?id=221626 The Tribunal dismissed the appeal by the Assessing Officer, upholding the decision that the capital reserve resulting from the amalgamation was a capital receipt and not taxable as business income under Section 28(iv) of the Income Tax Act, 1961. The Tribunal also affirmed that the amalgamation was not considered an adventure in the nature of trade and that the provisions of Section 47(vi) and Section 47(vii) applied, exempting the transaction from capital gains tax. en-us Wed, 06 Mar 2013 00:00:00 +0530 Tue, 23 Jul 2013 14:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=221626 The Tribunal dismissed the appeal by the Assessing Officer, upholding the decision that the capital reserve resulting from the amalgamation was a capital receipt and not taxable as business income under Section 28(iv) of the Income Tax Act, 1961. The Tribunal also affirmed that the amalgamation was not considered an adventure in the nature of trade and that the provisions of Section 47(vi) and Section 47(vii) applied, exempting the transaction from capital gains tax. Case-Laws Income Tax Wed, 06 Mar 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=221626