Income on receipt of capital asset or stock-in-trade by specified person from specified entity.

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....fied entity in connection with the dissolution or reconstitution of such specified entity, then the specified entity shall be deemed to have transferred such capital asset or stock-in-trade, or both, to the specified person in the year in which such capital asset or stock-in-trade, or both, are received by the specified person. (2) Any profits and gains arising from the deemed transfer mentione....

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.... 67(10), the Board may, with the previous approval of the Central Government, issue guidelines for removing the difficulty. (5) Every guideline issued by the Board under sub-section (4) shall be laid before each House of Parliament while it is in session for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of th....

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....being a company or a co-operative society) in any tax year; (c) "reconstitution of the specified entity" means, where- (i) one or more of its partners or members, of such specified entity ceases to be partners or members; or (ii) one or more new partners or members are admitted in such specified entity in such circumstances that one or more of the persons who were partne....