# The Finance Act, 2005, Section 15: Amendment of section 47

- Act: The Finance Act, 2005 (Act 18 of 2005)
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-2005/section/15/

## Text

Amendment of section 47. 15. In section 47 of the Income-tax Act, after clause (via) , the following clause shall be inserted, namely:— ‘(viaa)  any transfer, in a scheme of amalgamation of a banking company with a banking institution sanctioned and brought into force by the Central Government under sub-section (7) of section 45 of the Banking Regulation Act, 1949 (10 of 1949), of a capital asset by the banking company to the banking institution. Explanation.- For the purposes of this clause,— (i) "banking company" shall have the same meaning assigned to it in clause (c)  of section 5 of the Banking Regulation Act, 1949 (10 of 1949); (ii) "banking institution" shall have the same meaning assigned to it in sub-section (15)  of section 45 of the Banking Regulation Act, 1949 (10 of 1949);’. © Copyright. Taxmann Publications Pvt. Ltd.

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