https://www.taxtmi.com/caselaws?id=27697 The High Court held that the amalgamation of Syndicate Bank Ltd. with Industrial Credit & Development Syndicate did not constitute a "transfer" under section 2(47) of the I.T. Act, 1961, attracting capital gains tax. The Court determined that no transfer occurred when shares were transferred as part of the approved amalgamation scheme. Consequently, the proportionate exemption under section 47(vii) was not applicable. As a result, the amalgamation did not trigger capital gains tax liability, and each party was ordered to bear their own costs. en-us Wed, 05 Oct 1983 00:00:00 +0530 Mon, 15 Feb 2010 15:00:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27697 The High Court held that the amalgamation of Syndicate Bank Ltd. with Industrial Credit & Development Syndicate did not constitute a "transfer" under section 2(47) of the I.T. Act, 1961, attracting capital gains tax. The Court determined that no transfer occurred when shares were transferred as part of the approved amalgamation scheme. Consequently, the proportionate exemption under section 47(vii) was not applicable. As a result, the amalgamation did not trigger capital gains tax liability, and each party was ordered to bear their own costs. Case-Laws Income Tax Wed, 05 Oct 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27697