https://www.taxtmi.com/caselaws?id=24889 The High Court held that the assessee was not entitled to exemption under section 47(vii) of the Income-tax Act as the consideration for the transfer of shares in a scheme of amalgamation included bonds along with shares, contrary to the requirement that the consideration must solely be shares of the amalgamated company. The Court emphasized that the legislative intent was to promote mergers with financially sound Indian companies and not to allow inclusion of other assets in the consideration. The Tribunal's initial decision in favor of the assessee was overturned, ruling against the assessee. en-us Tue, 26 Apr 1988 00:00:00 +0530 Sat, 23 Jan 2010 10:38:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24889 The High Court held that the assessee was not entitled to exemption under section 47(vii) of the Income-tax Act as the consideration for the transfer of shares in a scheme of amalgamation included bonds along with shares, contrary to the requirement that the consideration must solely be shares of the amalgamated company. The Court emphasized that the legislative intent was to promote mergers with financially sound Indian companies and not to allow inclusion of other assets in the consideration. The Tribunal's initial decision in favor of the assessee was overturned, ruling against the assessee. Case-Laws Income Tax Tue, 26 Apr 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24889