Transfer of business under scheme of arrangement approved by HC isn’t slump sale: Madras HC

INCOME TAX : Transfer of assessee's non-transmission and distribution business in exchange of issuance and allotment of equity shares under a scheme of arrangement approved by High Court is not a slump sale exigible to capital gain tax under section 50 as transfer pursuant to approval of scheme of arrangement is not a contractual transfer but a statutorily approved transfer and cannot be brought within definition of word 'sale'

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000195870/transfer-of-business-under-scheme-of-arrangement-approved-by-hc-isn’t-slump-sale-madras-hc.aspx