Section 2 in The Income Tax Act, 1961
2. Definitions.
In this Act, unless the
Constitution of India
India
Constitution of India
CONTITUENTASSEMBLY 00 of 1950
Published in Gazette 00
deemed to include a right exercisable by the person concerned to renounce the shares offered to him or any of them in favour
shares or debentures will or will not have the right to renounce in favour of other persons; or (b) to the issue of a prospectus
Supreme Court observed that where "rights" are sold/renounced, capital gain on sale thereof should be worked out after deducting from their sale ... subscribe for the right offer of debentures but preferred to sell (renounce) these rights in favour of other group companies at the rate
SC1695 (32)
ACT:
Income-tax Act (11 of 1922), s. 12B(2)-Renouncement of right
shares for money value-Depreciation in value of original
shares ... receive 710 new shares
issued by the company, with an option to renounce them. She
renounced her right to receive the new shares by, sale
debentures of the company, whether an applicant has a right to renounce the shares or not under sub-clause (ii) of clause
deemed to include a right exercisable by the person concerned to renounce the shares offered to him or any of them in favour
applied is whether the facts show a clear intention to
renounce or surrender any interest in the impartible estate
or a relinquishment of the right ... owning an impartible estate
can on behalf of himself and his heirs renounce his right of
succession but any such relinquishment must operate
could be
granted in their favour since by their conduct they had renounced the
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executorship. The appellate Court also made a reference to Sections ... came to the
conclusion that though Samir Chandra Das had not expressly
renounced the executorship, yet he had asserted title which is hostile
to that