https://www.taxtmi.com/caselaws?id=17683 The court held that the amalgamation of Ambassador Steamships Pvt. Ltd. with Collis Line Pvt. Ltd. did not constitute a transfer of shares by the assessees. As a result, the allotment of shares in Collis Line Pvt. Ltd. was not considered in relation to any transfer. Additionally, the court ruled that Section 49(2) of the Income-tax Act, 1961, did not apply to the sale of shares in Collis Line Pvt. Ltd. obtained through the amalgamation. The judgment favored the assessees over the Revenue in this case. en-us Mon, 03 Jun 1996 00:00:00 +0530 Thu, 24 Sep 2009 11:35:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17683 The court held that the amalgamation of Ambassador Steamships Pvt. Ltd. with Collis Line Pvt. Ltd. did not constitute a transfer of shares by the assessees. As a result, the allotment of shares in Collis Line Pvt. Ltd. was not considered in relation to any transfer. Additionally, the court ruled that Section 49(2) of the Income-tax Act, 1961, did not apply to the sale of shares in Collis Line Pvt. Ltd. obtained through the amalgamation. The judgment favored the assessees over the Revenue in this case. Case-Laws Income Tax Mon, 03 Jun 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17683