Section 19 - Amendment of Section 47 - Finance (No. 2) Act, 1967

19. Amendment of Section 47 In section 47 of the Income-tax Act, after clause (v), the following clauses shall be added, namely :- (vi) any transfer, in a scheme of amalgamation, of a capital asset by the amalgamating company to the amalgamated company if the amalgamated company is an Indian company; (vii) any transfer by a shareholder, in a scheme of amalgamation, of a capital asset being a share or shares held by him in the amalgamating company if - (a) the transfer is made in consideration of the allotment to him of any share or shares in the amalgamated company, and (b) the amalgamated company is an Indian company. .