Amendment of section 47.

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..... mpany issued outside India, by a non-resident to another non-resident;"; (b) after clause (xa), the following clause shall be inserted, namely:- "(xb) any transfer by way of conversion of preference shares of a company into equity shares of that company;". - Clause 23 of the Bill seeks to amend section 47 of the Income-tax Act relating to transactions not regarded as transfer. The said sec .....

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