https://www.taxtmi.com/caselaws?id=5986 SC held that the extinguishment of rights in a capital asset arising under a scheme of amalgamation under ss.391-394, Companies Act, constitutes a "transfer" within s.2(47) even when extinguishment is independent of a conventional transfer. Consequently s.47(vii) applies, and the assessee's acquisition cost of shares in the amalgamated company must be determined under s.49(2) by deeming it to be the original cost of their shares in the amalgamating company. Appeals allowed. en-us Fri, 23 Feb 2001 00:00:00 +0530 Mon, 06 Oct 2025 14:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5986 SC held that the extinguishment of rights in a capital asset arising under a scheme of amalgamation under ss.391-394, Companies Act, constitutes a "transfer" within s.2(47) even when extinguishment is independent of a conventional transfer. Consequently s.47(vii) applies, and the assessee's acquisition cost of shares in the amalgamated company must be determined under s.49(2) by deeming it to be the original cost of their shares in the amalgamating company. Appeals allowed. Case-Laws Income Tax Fri, 23 Feb 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5986