Section 15 - Amendment of section 47 - Finance Act, 2005

15 . Amendment of section 47.- In section 47 of the Income-tax Act, after clause (via), the following clause shall be inserted, namely:- '(viaa) any transfer, in a scheme of amalgamation of a banking company with a banking institution sanctioned and brought into force by the Central Government under sub section (7) of section 45 of the Banking Regulation Act, 1949(10 of 1949), of a capital asset by the banking company to the banking institution. Explanation:- For the purposes of this clause, (i) "banking company" shall have the same meaning assigned to it in clause (c) of section 5 of the Banking Regulation Act, 1949(10 of 1949); (ii) "banking institution" shall have the same meaning assigned to it in sub-section (15) of section 45 of the Banking Regulation Act, 1949(10 of 1949)