{"act":{"id":"finance-act-2005","short_title":"The Finance Act, 2005","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2005-2006.","act_number":"18","act_year":2005,"enact_date":"2005-05-13","enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":70,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2005/"},"unit":"section","section":{"number":"114","heading":"Insertion of new section 8B in Act 2 of 1899","text":"Insertion of new section 8B in Act 2 of 1899. 114. After section 8A of the Indian Stamp Act, 1899, the following section shall be inserted, namely :— ‘8B. Corporatisation and demutualisation schemes and related instru-ments not liable to duty.—Notwithstanding anything contained in this Act or any other law for the time being in force,— (a ) a scheme for corporatisation or demutualisation, or both of a recognised stock exchange; or (b ) any instrument, including an instrument of, or relating to, transfer of any property, business, asset whether movable or immovable, contract, right, liability and obligation, for the purpose of, or in connection with, the corporatisation or demutualisation, or both of a recognised stock exchange pursuant to a scheme, as approved by the Securities and Exchange Board of India under sub-section (2) of section 4B of the Securities Contracts (Regulation) Act, 1956 (42 of 1956), shall not be liable to duty under this Act or any other law for the time being in force. Explanation.—For the purposes of this section,— (a ) the expressions \"corporatisation\", \"demutualisation\" and \"scheme\" shall have the meanings respectively assigned to them in clauses (aa) , (ab)  and (ga)  of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956); (b ) \"Securities and Exchange Board of India\" means the Securities and Exchange Board of India established under section 3 of the Securities and Exchange Board of India Act, 1992 (15 of 1992).’. © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Insertion of new section 8B in Act 2 of 1899.</b></p><p><b>114. </b>After section 8A of the Indian Stamp Act, 1899, the following section shall be inserted, namely :—</p><p>‘8B. <i>Corporatisation and demutualisation schemes and related instru-ments not liable to duty.</i>—Notwithstanding anything contained in this Act or any other law for the time being in force,—</p><p>(<i>a</i> ) a scheme for corporatisation or demutualisation, or both of a recognised stock exchange; or</p><p>(<i>b</i> ) any instrument, including an instrument of, or relating to, transfer of any property, business, asset whether movable or immovable, contract, right, liability and obligation, for the purpose of, or in connection with, the corporatisation or demutualisation, or both of a recognised stock exchange pursuant to a scheme,</p><p>as approved by the Securities and Exchange Board of India under sub-section (2) of section 4B of the Securities Contracts (Regulation) Act, 1956 (42 of 1956), shall not be liable to duty under this Act or any other law for the time being in force.</p><p><i>Explanation.</i>—For the purposes of this section,—</p><p>(<i>a</i> ) the expressions \"corporatisation\", \"demutualisation\" and \"scheme\" shall have the meanings respectively assigned to them in clauses (<i>aa</i>) <i>, </i>(<i>ab</i>) <i> </i>and (<i>ga</i>) <i> </i>of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956);</p><p>(<i>b</i> ) \"Securities and Exchange Board of India\" means the Securities and Exchange Board of India established under section 3 of the Securities and Exchange Board of India Act, 1992 (15 of 1992).’.</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":246,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2005/section/114/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}