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Amendment of section 47

Section 14 - Act - DIRECT TAXES - Income-tax - Finance Act - Section 14 - 14. In section 47 of the Income-tax Act, with effect from the 1st day of April, 2016,- (a) after clause (viaa), the following clause shall be inserted, namely:- (viab) any transfer, in a scheme of amalgamation, of a capital asset, being a share of a foreign company, referred to in the Explanation 5 to clause (i) of sub-section (1) of section 9, which derives, directly or indirectly, its value substantially from the share o .....

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merger, of a capital asset, being a share of a foreign company, referred to in the Explanation 5 to clause (i) of subsection (1) of section 9, which derives, directly or indirectly, its value substantially from the share or shares of an Indian company, held by the demerged foreign company to the resulting foreign company, if- (a) the shareholders, holding not less than three-fourths in value of the shares of the demerged foreign company, continue to remain shareholders of the resulting foreign c .....

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