https://www.taxtmi.com/caselaws?id=24439 In an amalgamation, capital gains are not assessable under section 12B of the Indian Income-tax Act, 1922 unless the transaction involves an identifiable exchange or relinquishment amounting to a taxable transfer. Applying an earlier Bombay HC ruling, the court held that the amalgamation in question did not give rise to assessable capital gains in the hands of the assessee. The question was answered in the negative and in favour of the assessee. en-us Tue, 06 Dec 1988 00:00:00 +0530 Wed, 20 Jan 2010 10:41:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24439 In an amalgamation, capital gains are not assessable under section 12B of the Indian Income-tax Act, 1922 unless the transaction involves an identifiable exchange or relinquishment amounting to a taxable transfer. Applying an earlier Bombay HC ruling, the court held that the amalgamation in question did not give rise to assessable capital gains in the hands of the assessee. The question was answered in the negative and in favour of the assessee. Case-Laws Income Tax Tue, 06 Dec 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24439