https://www.taxtmi.com/caselaws?id=56062 The Tribunal ruled in favor of the assessee, a trust assessed as an AOP, in a case involving the transfer of shares and bonds in the context of an amalgamation. The Tribunal held that the transaction did not constitute a transfer of a capital asset under section 2(47) and that the assessee was entitled to exemption from capital gains tax under section 47(vii). The Tribunal emphasized a liberal interpretation of section 47(vii) and overturned the decisions of the income-tax authorities, allowing the appeal and relieving the assessee from liability for capital gains tax. en-us Wed, 19 Nov 1986 00:00:00 +0530 Wed, 01 Dec 2010 14:09:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56062 The Tribunal ruled in favor of the assessee, a trust assessed as an AOP, in a case involving the transfer of shares and bonds in the context of an amalgamation. The Tribunal held that the transaction did not constitute a transfer of a capital asset under section 2(47) and that the assessee was entitled to exemption from capital gains tax under section 47(vii). The Tribunal emphasized a liberal interpretation of section 47(vii) and overturned the decisions of the income-tax authorities, allowing the appeal and relieving the assessee from liability for capital gains tax. Case-Laws Income Tax Wed, 19 Nov 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56062