Income on receipt of capital asset or stock in trade by specified person from specified entity.

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..... tion with the dissolution or reconstitution of such specified entity, then the specified entity shall be deemed to have transferred such capital asset or stock-in-trade, or both, to the specified person in the year in which such capital asset or stock-in-trade, or both, are received by the specified person. (2) Any profits and gains arising from the deemed transfer mentioned in sub-section (1) by .....

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..... pproval of the Central Government issue guidelines for removing the difficulty. (5) No guideline under sub-section (4) shall be issued after the expiration of two years from the 1st April, 2026. (6) Every guideline issued by the Board under sub-section (4) shall be laid before each House of Parliament while it is in session for a total period of thirty days which may be comprised in one session .....

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..... persons or body of individuals (not being a company or a co-operative society) in any tax year; (c) "reconstitution of the specified entity" means, where- (i) one or more of its partners or members, of such specified entity ceases to be partners or members; or (ii) one or more new partners or members are admitted in such specified entity in such circumstances that one or more of the persons .....

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