Public Sector Company Deemed Demerger on Shares Transfer by Central Government
MINISTRY OF FINANCE
Department of Revenue
CENTRAL BOARD OF DIRECT TAXES
Notification No. 93/2016
New Delhi, the 14th October, 2016
(INCOME-TAX)
S.O. 3204(E).— In exercise of the powers conferred by Explanation 5 to clause (19AA) of section 2 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies that the reconstruction or splitting up of a company which ceased to be a public sector company as a result of transfer of its shares by the Central Government, into separate companies, shall be deemed to be a demerger if the following conditions are fulfilled, namely:—
(i) that such reconstruction or splitting up has been made to transfer any assets of the demerged company to the resulting company to give effect to the conditions mentioned in the Share Holders’ Agreement and Share Purchase Agreement; and
(ii) that the resulting company is a public sector company.
[F. No.149/251/2015-TPL]
PRAVIN RAWAL,
Director (Tax Policy and Legislation)
Once assessee filed ITR, in response to the notice u/s 148 of the Act, even beyond time prescribed, Assessing Officer…
Petitioner was not disqualified in tender for submitting EMD by way of Fixed Deposit in place of Demand Draft -…
State Bank of India in its General Meeting of the Shareholders elected four Directors to the Central Board. The meeting…
Voluntary declaration of additional income by increasing WIP was not proper, as assessee will take the additional benefit in the…
Cash payment for purchase of land or property cannot be treated as violation of provisions of section 269SS or 269T…
Income Tax Department has released excel Utility for e-filing ITR-1 and ITR-4 for AY 2026-27 Excel utilities of ITR-1 and…