Allotment of Shares in Scheme of Amalgamation is not Construed as Transfer u/s 47(vii) of Income Tax Act: Delhi HC [Read Order]

By Shabna Rahim - On August 17, 2023 3:30 pm - 2 mins read

Allotment of Shares in Scheme of - Amalgamation is not Construed as Transfer - Income Tax Act - Delhi HC - TAXSCAN

The Delhi High Court held that the allotment of shares in a scheme of amalgamation was not construed as transfer under Section 47(vii) of the Income Tax Act,1961. Banyan Real Estate Fund Mauritius, the petitioner filed a writ petition against the issuance of notice under Section 148A(b) of the Income Tax Act for the remittance…

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