https://www.taxtmi.com/caselaws?id=5275 Allotment of shares in a transferee company under an amalgamation scheme did not amount to an exchange because there was no reciprocal transfer of property by the assessee, and it did not amount to a relinquishment because the transferor company had dissolved and no subsisting property remained capable of abandonment. On that reasoning, the receipt of new shares was outside section 12B of the Indian Income-tax Act, 1922, and no capital gains were attracted. en-us Wed, 29 Mar 1989 00:00:00 +0530 Wed, 25 Jun 2025 11:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5275 Allotment of shares in a transferee company under an amalgamation scheme did not amount to an exchange because there was no reciprocal transfer of property by the assessee, and it did not amount to a relinquishment because the transferor company had dissolved and no subsisting property remained capable of abandonment. On that reasoning, the receipt of new shares was outside section 12B of the Indian Income-tax Act, 1922, and no capital gains were attracted. Case-Laws Income Tax Wed, 29 Mar 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5275