https://www.taxtmi.com/caselaws?id=9135 An amalgamation-driven allotment of new shares was not treated as an "exchange" under section 12B because exchange requires a mutual transfer between subsisting properties of different owners, and the original shares ceased to exist on dissolution of the transferor company. It was also not a "relinquishment", since relinquishment presupposes continuing existence of the property in which the interest is given up. On that reasoning, the capital gains addition was not sustainable. en-us Tue, 24 Jul 1973 00:00:00 +0530 Fri, 19 Jun 2009 17:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9135 An amalgamation-driven allotment of new shares was not treated as an "exchange" under section 12B because exchange requires a mutual transfer between subsisting properties of different owners, and the original shares ceased to exist on dissolution of the transferor company. It was also not a "relinquishment", since relinquishment presupposes continuing existence of the property in which the interest is given up. On that reasoning, the capital gains addition was not sustainable. Case-Laws Income Tax Tue, 24 Jul 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9135