following transfers :-
.....
Clause (xiii) of Section 47 which is relevant is
quoted below for ready reference:
47[(xiii) 48(any
transfer of a capital asset ... gains
tax liability by virtue of Section 47(A)(3) of the Act read
with Section 47(xiii
facilitating corporatisation of stock exchange and therefore, the deletion of Section 47(xiii) will not have an impact, on the liability to pay capital gains ... Under Section 45(4) of the Act. By insertion of Section 47(xiii) in the Act, it cannot be said that the conversion
Appellate Tribunal was
erred in holding that the conditions of Section
47(xiii) of the Income Tax Appellate Tribunal,
1961 had been complied with ... required and thus as against the exemption clause provided under
Section 47(xiii) of the Act and consequently, the amount so appreciated on
revaluation should
that there is no violation of the
conditions stipulated in Section 47(xiii) of the
Income Tax Act without taking cognizance of the
fact that ... there has
been any violation of the conditions stipulated under Section 47(xiii) of the
Act.
5. The assessee is a private limited company, which
therefore, the case of the assessee
was covered under Section 47(xiii) of the Act. It is
9
further submitted that 5th proviso to Section ... transfer of capital asset. It is further submitted that
Section 47(xiii) only takes out succession of transfer of
capital asset or intangible asset within
entitled to exemption in
respect of capital gains as per section 47 (xiii)
whereas the computation of depreciation in the
hands of the successor appellant ... this Court, on consideration of
the provisions of Section 47(A) (3) and Section 47(xiii)(b) of
the Act of 1961, held that
with all the assets and liabilities". In
this connection Section 47(xiii) of the Act was relied upon. It may be
stated here that ... Memorandum of Understanding was not produced
before us.
Section 47(xiii) of the Act will also not be of any help to the
transferor
that the conditions as specified under Section 47(xiii) of the Act
were not fully satisfied and therefore, the benefit of excluding the
transfer ... contention and had
asserted that all conditions as specified in Section 47 (xiii) of the
Act were duly complied with. And, appealed the re-assessment
2015 interpreting the provisions of Section 47
(xiii) Proviso (b) read with Section 47A of the Income Tax
Act (For short ... gains tax
liability by virtue of Section 47(A)(3) of the Act
read with Section 47(xiii
Director caused by removal, resignation, death or otherwise. By virtue of para. 47(iii), the power of the Board to create posts carrying salary exceeding ... subject to the approval of the Government. In terms of para. 47(xiii) the Corporation can establish, maintain, support and subscribe to any charitable, public
