https://www.taxtmi.com/caselaws?id=37437 The High Court held that the claimed loss by the assessee on the amalgamation of subsidiary companies could not be allowed as a capital loss under Section 45 read with Section 2(47) of the Income-tax Act, 1961. The transfer of capital assets under the amalgamation scheme was covered by Section 47(vi), excluding it from Section 45. The extinguishment of the assessee's rights in the shares did not involve any transfer or consideration. The decision favored the revenue, with no order as to costs. en-us Tue, 25 Jul 1978 00:00:00 +0530 Mon, 29 Mar 2010 16:17:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37437 The High Court held that the claimed loss by the assessee on the amalgamation of subsidiary companies could not be allowed as a capital loss under Section 45 read with Section 2(47) of the Income-tax Act, 1961. The transfer of capital assets under the amalgamation scheme was covered by Section 47(vi), excluding it from Section 45. The extinguishment of the assessee's rights in the shares did not involve any transfer or consideration. The decision favored the revenue, with no order as to costs. Case-Laws Income Tax Tue, 25 Jul 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37437