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U/s 10(38) of IT Act 1961 - Central Government notifies all transactions of acquisition of equity share entered into on or after the 1st day of October 2004

Income Tax - 43/2017 - Dated:- 5-6-2017 - MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 43/2017 New Delhi, the 5th June, 2017 INCOME-TAX S.O. 1789(E).-In exercise of the powers conferred by third proviso to the clause (38) of section 10 of the Income-tax Act, 1961 (43 of 1961) hereinafter referred to as the Income-tax Act, the Central Government hereby notifies all transactions of acquisition of equity share entered into on or after the 1st day of O .....

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by the Supreme Court, High Court, National Company Law Tribunal, Securities and Exchange Board of India or Reserve Bank of India in this behalf; (ii) by any non-resident in accordance with foreign direct investment guidelines issued by the Government of India; (iii) by an investment fund referred to in clause (a) of Explanation 1 to section 115UB of the Income-tax Act or a venture capital fund referred to in clause (23FB) of section 10 of the Income-tax Act or a Qualified Institutional Buyer; ( .....

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ions of the Securities Contracts (Regulation) Act, 1956 (42 of 1956), if applicable, (i) acquisition through an issue of share by a company other than the issue referred to in clause (a); (ii) acquisition by scheduled banks, reconstruction or securitisation companies or public financial institutions during their ordinary course of business; (iii) acquisition which has been approved by the Supreme Court, High Courts, National Company Law Tribunal, Securities and Exchange Board of India or Reserve .....

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Shares and Takeovers) Regulation, 2011; (vii) acquisition from the Government; (viii) acquisition by an investment fund referred to in clause (a) to Explanation 1 to section 115UB of the Income-tax Act or a venture capital fund referred to in clause (23FB) of section 10 of the income-tax Act or a Qualified Institutional Buyer; (ix) acquisition by mode of transfer referred to in sections 47 or 50B of the Income-tax Act, if the previous owner of such shares has not acquired them by any mode refer .....

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d Exchange Board of India Act,1992 (15 of 1992) and the rules made thereunder; Explanation,-For the purposes of this notification,- (a) frequently traded shares means shares of a company, in which the traded turnover on a recognised stock exchange during the twelve calendar months preceding the calendar month in which the acquisition and transfer is made, is at least ten per cent. of the total number of shares of such class of the company: Provided that where the share capital of a particular cl .....

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