Under section 2(19AA), for a demerger scheme to be Tax neutral, the consideration has to be in 'Shares'. So does it include Preference shares also? Is there a case law for the same??
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Meaning of 'shares' in the definition of 'demeger' 2(19aa)
Replies (1)
In companies act, there are two types of shares: equity and preference. In income tax there is no specific defition for this term. Hence, its definition as per companies act is taken.
So IMO, as per your query it includes preference shares also.
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