....i held 2000 shares in a company. The said company amalgamated with another company during the year ending 31-3-2018. Under the scheme of amalgamation, I was allotted 1000 shares in the new company. The market value of shares allotted is higher by ` 50,000 than the value of holding in old company. The Assessing Officer proposes to treat the transaction as an exchange and to tax ` 50,000 as capital gain. Is my AO justified in doing so?
Dec. 09, 2017