https://www.taxtmi.com/caselaws?id=27853 The High Court of Bombay ruled in favor of the assessee, holding that the excess amount resulting from the amalgamation of a 100% subsidiary company with the assessee was not chargeable to tax as capital gains. The Court emphasized that in such cases of amalgamation, where there is no extinguishment of rights but a blending of assets, any excess amount is not taxable as capital gains or loss. The decision was based on the interpretation of amalgamation under the Companies Act, specifically applicable to scenarios involving 100% subsidiaries. Each party was directed to bear their own costs of the reference. en-us Fri, 09 Sep 1983 00:00:00 +0530 Tue, 16 Feb 2010 13:56:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27853 The High Court of Bombay ruled in favor of the assessee, holding that the excess amount resulting from the amalgamation of a 100% subsidiary company with the assessee was not chargeable to tax as capital gains. The Court emphasized that in such cases of amalgamation, where there is no extinguishment of rights but a blending of assets, any excess amount is not taxable as capital gains or loss. The decision was based on the interpretation of amalgamation under the Companies Act, specifically applicable to scenarios involving 100% subsidiaries. Each party was directed to bear their own costs of the reference. Case-Laws Income Tax Fri, 09 Sep 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27853