...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...treatment to a stock exchange post its 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, 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...

...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...

...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, 1961...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...

...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...

...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...

...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...

...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...treatment to a stock exchange post its 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...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...

...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...

.... 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, 1961...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...

.... 5. I have considered all relevant documents available on record for the purpose of considering the exit of MSE. With regard to the income tax obligation in respect of transfer of 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...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 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...

...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...respect of Jaipur Stock Exchange Limited Page 4 of 6 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...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 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...

..., 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...Income-tax Act, 1961 prohibiting the trustee to hold the shares on behalf of the trust and since Shri Amin M. Merchant had held the shares of Sanam Foundation and Neha Foundation, who were actually the beneficial owners of the shares, the conditions stipulated in section 47(xiii)(b...

...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...

...purpose of computation of income under the Income Tax Act, 1961. It is further their case that the Respondent-Company acquired the shareholding of Ms/. Anandeya and, therefore, has violated the provisions of Section 47(xiii)(d...and no transfer of asset as envisaged in Section 45(1) of the Income Tax Act, can be stated to have taken place and, as such, even the provisions of Section 47(xiii)(d...) are in violation, it does not attract capital gains to the Respondent's subsidiary because Section 47(xiii) applies only to firm that are succeeded by the company by sale. But, however, it is the contention of the Petitioner that Section 2(47) of the Income Tax Act, 1961...