Deeming of fair market value: exemptions where share consideration is approved by specified authorities, relieving applicability of certain tax provisions.

Proposes empowering the Board to exempt prescribed classes of transactions and persons from the deeming of fair market value for share transfers where consideration is approved by specified authorities, thereby relieving applicability of valuation deeming in both receipt-based chargeability and capital gains computation, with the amendment applying prospectively to subsequent assessment years.

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