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[Cites 0, Cited by 0] [Section 70(1)] [Section 70] [Entire Act]

Union of India - Subsection

Section 70(1)(l) in The Income Tax Act, 2025

(l)of a capital asset in a demerger, being a share or shares held in an Indian company, by the demerged foreign company to the resulting foreign company, if—
(i)the shareholders holding not less than 75% in value of the shares of the demerged foreign company continue to remain shareholders of the resulting foreign company; and
(ii)such transfer does not attract tax on capital gains in the country, in which the demerged foreign company is incorporated,and in such a case the provisions of sections 230 to 232 of the Companies Act, 2013 shall not apply;