{"act":{"id":"finance-act-2007","short_title":"The Finance Act, 2007","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2007-2008.","act_number":null,"act_year":2007,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":96,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2007/"},"unit":"section","section":{"number":"16","heading":"Amendment of section 47","text":"Amendment of section 47. 16. In section 47 of the Income-tax Act, after clause (vic), the following shall be inserted with effect from the 1st day of April, 2008, namely:— ‘(vica) any transfer in a business reorganisation, of a capital asset by the predecessor co-operative bank to the successor co-operative bank; (vicb) any transfer by a shareholder, in a business reorganisation, of a capital asset being a share or shares held by him in the predecessor co-operative bank if the transfer is made in consideration of the allotment to him of any share or shares in the successor co-operative bank. Explanation.—For the purposes of clauses (vica) and (vicb), the expressions \"business reorganisation\", \"predecessor co-operative bank\" and \"successor co-operative bank\" shall have the meanings respectively assigned to them in section 44DB;’. © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Amendment of section 47.</b></p><p><b>16. </b>In section 47 of the Income-tax Act, after clause (<i>vic</i>), the following shall be inserted with effect from the 1st day of April, 2008, namely:—</p><p>‘(<i>vica</i>) any transfer in a business reorganisation, of a capital asset by the predecessor co-operative bank to the successor co-operative bank;</p><p>(<i>vicb</i>) any transfer by a shareholder, in a business reorganisation, of a capital asset being a share or shares held by him in the predecessor co-operative bank if the transfer is made in consideration of the allotment to him of any share or shares in the successor co-operative bank.</p><p><i>Explanation.—</i>For the purposes of clauses (<i>vica</i>) and (<i>vicb</i>), the expressions \"business reorganisation\", \"predecessor co-operative bank\" and \"successor co-operative bank\" shall have the meanings respectively assigned to them in section 44DB;’.</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":136,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2007/section/16/","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."}