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Transfer of business under scheme of arrangement approved by HC isn’t slump sale: Madras HC

September 16, 2020[2020] 119 171 (Madras)

INCOME TAX : Transfer of assessee's non-transmission and distribution business in exchange of issuance and allotment of equity shares under a scheme of arrangement approved by High Court is not a slump sale exigible to capital gain tax under section 50 as transfer pursuant to approval of scheme of arrangement is not a contractual transfer but a statutorily approved transfer and cannot be brought within definition of word 'sale'
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