Supreme Court · 2001 INSC 113 · Decided 23 February 2001
Commissioner of Income Tax, Cochin v. MRS. Grace Collis and ORS.
- Court
- Supreme Court of India
- Citation
- 2001 INSC 113 · [2001] 2 S.C.R. 98
- Case number
- CIVIL APPEAL No. 4437/1997
- Decided
- 23 February 2001
- Bench
- S.P. BHARUCHA, N. SANTOSH HEGDE, Y.K. SABHARWAL (3-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Companies Act Section 391(2), 394; Income Tax Act Section 2(47), 45, 47, 49(2), 256(1)
Headnote
Income Tax Act, 1961-Sections 2(47), 45, 47 and 49(2)-Scheme of Amalgamation under the Companies Act-Sharns in amalgamated company given in lieu of sharns in amalgamating company in the ratio of 1: 14-Sale c of sharns of amalgamated company by assessee-Transfer--Capital Gains Tax-Liability on amalgamation ccme within the purview of the definition of 'transfer' - Exigible to capital gains tax-Companies Act, 1956-Sections 391 (2) and 394. D Respondent-assessees were shareholders of 'A' company. Under a Scheme of Arrangement under Section 391(2) and 394 of the Companies Act, 1956, 'A'
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