...purpose of considering the case of exit of PSE . With regard to the income tax obligation in respect of transfer of capital assets of a stock exchange, I note that section 47(xiii) of the Income Tax Act, 1961...section 47(xiii) of the Income Tax Act, 1961 to provide tax benefit to the corporatised and demutualised stock exchanges is worth mentioning: as corporatisation and demutualisation of a...provides as under:- Section 47 (xiii): Nothing in Section 45 applies to any transfer of a capital asset or intangible asset by a firm to a...

...of compulsory exit of SKSEL. With regard to the income tax obligation in respect of transfer of capital assets of a stock exchange , I note that section 47(xiii) of the Income Tax Act, 1961...and its scheme as approved by SEBI and thus, did not comply with condition stipulated in proviso to section 47(xiii) of the Income Tax Act, 1961. Thus, the tax benefit provided in section 47(xiii) of...Income Tax before the Hon'ble Supreme Court of India pertaining to exemption claimed by SKSEL u/s. 11 of the Income Tax Act, 1961 for the Assessment Years 1994-95, 1995-96, 1996-97...

...contingent nature, if any, and unresolved investor complaints / grievances lying with it. 12. With regard to the income tax obligation in respect of transfer of capital assets of a stock exchange , I note that section 47(xiii) of the Income Tax Act, 1961...Committee which was the basis for the amendment in section 47(xiii) of the Income Tax Act, 1961 to provide tax benefit to the corporatised and demutulised stock exchanges is worth...to section 47(xiii) of the Income Tax Act, 1961. Thus, the tax benefit provided in section 47(xiii) of the Income Tax Act, 1961 is not available...

...section 47(xiii) of the Income Tax Act is not violated and hence the question of gain arising out of transfer of the capital assets of the firm to be deemed as Profit and gains...passed under Section 143(3) of the Income Tax Act, 1961.2. At the time of hearing before us, it is stated by the learned counsel that Ground No. 1.1 of the assessee's appeal is general...“Vishal Industries” have received net consideration of Rs. 18.4 lakhs in contravention to the proviso (c) of Section 47(xiii) of the I.T Act. The Capital of the assessee...

...the case of exit of MdhSEL. With regard to the income tax obligation in respect of transfer of capital assets of a stock exchange, I note that section 47(xiii) of the Income Tax Act, 1961..., which was the basis for the amendment to section 47(xiii) of Income Tax Act, 1961 to provide tax benefit to the corporatized and demutualised stock exchanges, is worth...provides as under:- Section 47 (xiii): Nothing in Section 45 applies to any transfer of a capital asset or intangible asset by a firm to a company as a result...

.... 4. I have considered the documents available on record for the purpose of considering the case of exit of ASEL. With regard to the income tax obligation in respect of transfer of capital assets of a stock exchange, I note that section 47(xiii) of the Income Tax Act, 1961...to its corporatisation and demutualization, the following recommendation of Justice Kania Committee, which was the basis for the amendment to section 47(xiii) of Income Tax Act...provides as under:- Section 47 (xiii): Nothing in Section...

...income tax obligation in respect of transfer of capital assets of a stock exchange, I note that section 47(xiii) of the Income Tax Act, 1961 provides as under...demutualization, the following recommendation of Justice Kania Committee which was the basis for the amendment in section 47(xiii) of the Income Tax Act, 1961 to provide tax...:- "Section 47 (xiii): Nothing in Section 45 applies to any transfer of a capital asset or intangible asset by a firm to a company as a result of succession of the firm by a company in the...

...capital Exit Order in respect of Madras Stock Exchange Limited Page 3 of 6 assets of a stock exchange, I note that section 47(xiii) of the Income Tax Act, 1961 provides as under:- "Section 47 (xiii): Nothing...corporatisation and demutualization, the following recommendation of Justice Kania Committee which was the basis for the amendment in section 47(xiii) of the Income Tax Act, 1961...section 3 of the Securities and Exchange Board of India Act, 1992 (15 of 1992); 6. In respect of the tax treatment to a stock exchange post its...

...available on record for the purpose of considering the case of exit of CoSE. With regard to the income tax obligation in respect of transfer of capital assets of a stock exchange, I note that section 47(xiii) of the Income Tax Act, 1961...the amendment in section 47(xiii) of the Income Tax Act, 1961 to provide tax benefit to the corporatised and demutualised stock exchanges is worth mentioning: as...provides as under:- Section 47 (xiii): Nothing in Section 45 applies to any transfer of a capital asset or...

...as a normal broking entity. 7. I have considered all relevant documents available on record for the purpose of considering the case of exit of BhSE. With regard to the income tax obligation in respect of transfer of capital assets of a stock exchange, I note that section 47(xiii) of the Income Tax Act, 1961...demutualization, the following recommendation of the Justice Kania Committee which was the basis for the amendment in section 47(xiii) of the Income Tax Act, 1961 to provide tax benefit...47 (xiii): Nothing in Section 45 applies to any transfer of a capital asset or intangible asset by a firm to a company as a result of succession of the firm by a company in the business...

...record for the purpose of considering the case of exit of UPSE. With regard to the income tax obligation in respect of transfer of capital assets of a stock exchange, I note that section 47(xiii) of the Income Tax Act, 1961...section 47(xiii) of the Income Tax Act, 1961 to provide tax benefit to the corporatized and demutualised stock exchanges is worth mentioning: as corporatisation and...provides as under:- Section 47 (xiii): Nothing in Section 45 applies to any transfer of a capital asset or intangible asset...

...all relevant documents available on record for the purpose of considering the case of exit of VSEL. With regard to the income tax obligation in respect of transfer of capital assets of a stock exchange, I note that section 47(xiii) of the Income Tax Act, 1961...was the basis for the amendment in section 47(xiii) of the Income Tax Act, 1961 to provide tax benefit to the corporatised and demutualised stock exchanges is worth...provides as under:- Section 47 (xiii): Nothing in Section 45 applies to any transfer of...

...purpose of considering the exit of ISE. With regard to the income tax obligation in respect of transfer of capital assets of a stock exchange, I note that section 47(xiii) of the Income Tax Act, 1961...provides as under:- "Section 47 (xiii): Nothing in Section 45 applies to any transfer of a capital asset or intangible asset by a firm to a company as a...section 3 of the Securities and Exchange Board of India Act, 1992 (15 of 1992); 7. In respect of the tax...

...record for the purpose of considering the case of exit of GSE. With regard to the income tax obligation in respect of transfer of capital assets of a stock exchange, I note that section 47(xiii) of the Income Tax Act, 1961...section 47(xiii) of the Income Tax Act, 1961 to provide tax benefit to the corporatised and demutualised stock exchanges is worth mentioning: as corporatisation and...provides as under:- Section 47 (xiii): Nothing in Section 45 applies to any transfer of a capital asset or intangible asset by...

...as a normal broking entity. 6. I have considered all relevant documents available on record for the purpose of considering the case of exit of JSEL. With regard to the income tax obligation in respect of transfer of capital assets of a stock exchange, I note that section 47(xiii) of the Income Tax Act, 1961...47 (xiii): Nothing in Section 45 applies to any transfer of a capital asset or intangible asset by a firm to a company as a result of succession of the firm by a company in the business...section 3 of the Securities and Exchange Board of India Act, 1992 (15 of 1992);] 7. In respect of the tax treatment to a stock exchange post its corporatisation and Exit Order in...

.... With regard to the income tax obligation in respect of transfer of capital assets of a stock exchange, I note that section 47(xiii) of the Income Tax Act, 1961 provides as...corporatisation and demutualization, the following recommendation of the Justice Kania Committee which was the basis for the amendment in section 47(xiii) of the Income Tax Act...under:- Section 47 (xiii): Nothing in Section 45 applies to any transfer of a capital asset or intangible asset by a firm to a company as a result of succession of the firm by a...

..., 1956 thus did not amount to “transfer” in view of the provisions of section 47(xiii) of the Income-tax Act, 1961. In support of this stand, the assessee also filed relevant...were allotted shares of a limited company in the ratio as prescribed in section 47(xiii) of the Income Tax Act. Among the 10 partners, two of the partners were Trusts by the...assessee firm and there was a breach of condition stipulated in section 47(xiii)(b) of the Act. He held that all the pleas taken by the assessee regarding restrictions in the Company's Act whereby...

...of the assessee as it is exempted in view of Section 47(xiii) of the Income-tax Act.”Now the Revenue is in appeal before us.4. We have given our anxious considerations to...claim of exemption u/s. 47(xii) of the I.T Act, 1961 as the assessee company failed to fulfill the conditions laid down in proviso sub-section (b) of the section 47(xiii) of...accordingly, as all the conditions were fulfilled as laid down in Section 47(xiii) of the Act, the amount of capital gain arising on the transfer of the business and assets to the new company was exempted...

...available on record for the purpose of considering the exit of LSE. With regard to the income tax obligation in respect of transfer of capital assets of a stock exchange, I note that section 47(xiii) of the Income Tax Act, 1961...section 47(xiii) of the Income Tax Act, 1961 to provide tax benefit to the corporatized and demutualised stock exchanges is worth mentioning: as corporatisation and...provides as under:- "Section 47 (xiii): Nothing in Section 45 applies to any transfer of a capital asset or intangible...

...business of a partnership firm namely Updater Services. Under section 47(xiii) of the Income Tax Act any transfer of capital asset or any tangible asset by a firm to a...provided under section 47(xiii) of the Income Tax Act, which provide that any transfer of capital asset or any tangible asset by the asset by the firm to a company as a...takeover of the firm and this amount was classified as goodwill in the accounts of the company. Therefore, the exemption given under section 47(xiii) will not apply and income should be assessed in the...