ITEL would be transfer' as defined Section 2(47) of the Act. Section 2(14) of the Act provides the definition of 'capital ... company. For the purpose of Section 47(vib) , the term Demerger" has been defined in Section 2(19AA) . One of the condition Under Section
demerger' within the meaning of Section
2(19AA) or a “slump sale” under Section 2(42C) of the Income Tax Act
1961 and that ... demerger' within the meaning of
section 2(19AA) or a “slump sale” under Section
2(42C) of the Income
Scheme states that provisions
of section 2(1B) and section 2(19AA) of the Act are satisfied. The
same is reproduced here with for ready ... Undertaking shall be in compliance with the provisions of Section
2(1B) and Section 2(19AA) of the Income-tax Act, 1961,
respectively.
5.6 Clause
2012 Page 2 of 16
assets and thus the Scheme was liable to be modified to make it Section
2(19AA) compliant.
5. The learned ... Scheme should, in exercise of powers under
Section 392(1)(b) , be now be made Section 2(19AA) compliant
by transferring rights in the aforesaid
conditions laid down in Sec. 2(19AA)(iv) and
2(19AA)(v) are linked to sec. 2(19AA)(iii) . Once
assets are transferred ... obligation to satisfy the conditions
laid down in sec. 2(19AA)(iv) and 2(19AA)(v) . But
this does not automatically prove that assessee will
going
concern to the Transferee Company is in accordance with
Section 2(19AA) of the Income Tax Act, 1961.
xxxx xxxx xxxx xxxx ... incomplete
transfer would not satisfy the requirement of sub-Section (i) of
Section 2(19AA) of the Act, 1961.
Co. Pet. 4/2003 Page
allowing and/ or directing
the assessing officer to allow benefit of section 35ABB of the Act in respect
of the amount held to be capital ... consumer
wireless undertaking of TTSL did not fulfill the conditions of section
2(19AA) of the Act inasmuch as: (a) preference shares were issued
pursuant
Tribunal that the deeming section created by virtue of "Explanation 4"
to Section 2(19AA) treating the reorganization of State bodies ... refer to Explanation 4 to section 2(19AA) of the Act,
which reads as under:
"2(19AA)... "demerger", in relation to companies
shares is violation of sub-clause-3 of sub sec.(19AA)
of sec.2 .,
• the Ld. DR quoted extensively from the order ... this involves violation of sub-clause-3 of sub sec.(19AA) of
sec.2 . According to AO, the shares of Blue Information and Trent
shares is violation of sub-clause-3 of sub sec.(19AA)
of sec.2 .,
• the Ld. DR quoted extensively from the order ... this involves violation of sub-clause-3 of sub sec.(19AA) of
sec.2 . According to AO, the shares of Blue Information and Trent
