High Court: Business Transfer to Subsidiary for Equity Shares Not a Slump Sale u/s 50B, No Capital Gains Tax.

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....Slump sale u/s 50B or not - Transfer of business in lieu of equity shares to its subsidiary by a scheme of arrangement as approved by HC - mere use of the expression ‘consideration for transfer’ cannot be said to be a transaction as a sale - The activity not liable to Capital Gain tax - HC....