Rule 11UAD: Prescribed class of persons for the purpose of section 50CA
The Income-tax Rules, 1962Central Act · 1962
[Prescribed class of persons for the purpose of section 50CA.
The provisions of section 50CA of the Act shall not apply to transfer of any movable property, being unquoted shares, of a company and its subsidiary and the subsidiary of such subsidiary by an assessee, where,—
(i) the Tribunal, on an application moved by the Central Government under section 241 of the Companies Act, 2013, has suspended the Board of Directors of such company and has appointed new directors nominated by the Central Government under section 242 of the said Act; and
(ii) share of such company and its subsidiary and the subsidiary of such subsidiary has been transferred pursuant to a resolution plan approved by the Tribunal under section 242 of the Companies Act, 2013 after affording a reasonable opportunity of being heard to the jurisdictional Principal Commissioner or Commissioner.
Explanation.—For the purposes of this sub-rule,—
(a) a company shall be a subsidiary of another company, if such other company holds more than half in nominal value of the equity share capital of the company;
(b) "Tribunal" shall have the same meaning assigned to it in clause (90) of section 2 of the Companies Act, 2013.]
Prescribed class of persons for the purpose of section 50CA
Jurisdiction
Central
Status
In force as published by the source
How this provision has been amended
Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.
inserted. Inserted by the IT (Fifteenth Amdt.) Rules, 2020, w.r.e.f. 1-4-2020 and shall be applicable for assessment year 2020-21 and subsequent assessment years.
Find the provision, not just read it
The full text above is free, and it stays free. What a free CourtMesh account adds is everything you cannot do by reading one page at a time:
Search 49,000+ Central and State enactments by what a provision says, not by its number
Jump from any section to every judgment that has applied it
Search 300 million+ Indian court records alongside the statute
Ask a research agent to find and read the case law on a provision for you
