https://www.taxtmi.com/caselaws?id=191519 The High Court upheld the Tribunal's decision, emphasizing the unique nature of the transaction and the need for relief under section 119(2)(b) from the CBDT. The Court confirmed that the transaction did not result in a taxable event as it was viewed as an inter se arrangement among shareholders for dividing companies, akin to a partition. The Court endorsed the Tribunal's direction to approach the CBDT for finalizing the matter, concluding that the Tribunal's decision was appropriate and did not warrant interference. en-us Tue, 20 Jan 2004 00:00:00 +0530 Thu, 06 Apr 2017 10:15:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=191519 The High Court upheld the Tribunal's decision, emphasizing the unique nature of the transaction and the need for relief under section 119(2)(b) from the CBDT. The Court confirmed that the transaction did not result in a taxable event as it was viewed as an inter se arrangement among shareholders for dividing companies, akin to a partition. The Court endorsed the Tribunal's direction to approach the CBDT for finalizing the matter, concluding that the Tribunal's decision was appropriate and did not warrant interference. Case-Laws Income Tax Tue, 20 Jan 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=191519