https://www.taxtmi.com/caselaws?id=18375 The court held that the transfer of shares in a scheme of amalgamation in consideration of shares and debentures is a single indivisible transaction exempt from capital gains tax under section 47(vii) of the Income-tax Act, 1961. The court concluded that the allotment of shares and debentures did not constitute a transfer or extinguishment of rights under section 2(47), therefore not liable to capital gains tax. The court answered the questions against the Department, stating there was no transfer and even if there was, it would be exempt under section 47(vii). The assessee was not liable to capital gains tax. en-us Tue, 13 Feb 1996 00:00:00 +0530 Wed, 30 Sep 2009 14:22:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18375 The court held that the transfer of shares in a scheme of amalgamation in consideration of shares and debentures is a single indivisible transaction exempt from capital gains tax under section 47(vii) of the Income-tax Act, 1961. The court concluded that the allotment of shares and debentures did not constitute a transfer or extinguishment of rights under section 2(47), therefore not liable to capital gains tax. The court answered the questions against the Department, stating there was no transfer and even if there was, it would be exempt under section 47(vii). The assessee was not liable to capital gains tax. Case-Laws Income Tax Tue, 13 Feb 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18375