TMI BlogAmendment of section 2.X X X X Extracts X X X X X X X X Extracts X X X X ..... il, 1962, namely: Explanation. For the removal of doubts, it is hereby clarified that property includes and shall be deemed to have always included any rights in or in relation to an Indian company, including rights of management or control or any other rights whatsoever; ; (ii) in clause (16), after the words, Commissioner of Income-tax , the words or a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d shall be deemed to have always included disposing of or parting with an asset or any interest therein, or creating any interest in any asset in any manner whatsoever, directly or indirectly, absolutely or conditionally, voluntarily or involuntarily, by way of an agreement (whether entered into in India or outside India) or otherwise, notwithstanding that such transfer of rights has been characte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... so proposed to amend sub-clause (iv) of clause (19AA) of the aforesaid section 2 so as to exclude the requirement of issue of shares to the shareholders of the demerged company where resulting company itself in a scheme of demerger is a shareholder of the demerged company. This amendment will take effect from 1st April, 2013 and will, accordingly, apply in relation to the assessment year 2013-2 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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