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I-T exemption on buying shares at discounted price in firms under insolvency proceedings

CBDT has exempted from income tax the purchase of shares at rates lower than the market price in companies undergoing insolvency proceedings and whose board has been taken over by the government. The exemptions would come into effect from April 1, 2020. The I-T exemption has been given on any movable property, being unquoted shares, of a company and its subsidiary received by a shareholder, where, the tribunal on an application moved by the central government has suspended the board of directors of such company and has appointed new directors and the resolution plan has been approved by the tribunal.

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