https://www.taxtmi.com/caselaws?id=397235 The High Court set aside the ITAT's decision, holding that the receipt of shares in the amalgamated company constitutes a transfer under Section 2(47) and is taxable if the shares are held as stock-in-trade. The matter was remanded to the ITAT for fresh adjudication, directing it to determine whether the shares were held as capital assets or stock-in-trade and decide the appeals accordingly. The judgment clarified the legal position on the taxability of shares received in an amalgamation scheme, emphasizing the need for factual determination in such cases. en-us Fri, 07 Aug 2020 00:00:00 +0530 Tue, 27 Oct 2020 17:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397235 The High Court set aside the ITAT's decision, holding that the receipt of shares in the amalgamated company constitutes a transfer under Section 2(47) and is taxable if the shares are held as stock-in-trade. The matter was remanded to the ITAT for fresh adjudication, directing it to determine whether the shares were held as capital assets or stock-in-trade and decide the appeals accordingly. The judgment clarified the legal position on the taxability of shares received in an amalgamation scheme, emphasizing the need for factual determination in such cases. Case-Laws Income Tax Fri, 07 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397235