Amendment of section 47

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..... (via), the following clauses shall be inserted with effect from the 1st day of April, 2000, namely :- "(vib) any transfer, in a demerger, of a capital asset by the demerged company to the resulting .....

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..... such transfer does not attract tax on capital gains in the country, in which the demerged foreign company is incorporated : Provided that the provisions of sections 391 to 394 of the Companies Act, 1 .....

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