Practical Accounts And Taxation
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The exemption from payment of STT has been given for the following off-market transactions:1.Acquisition approved by the Supreme Court, High Court, National Company Law Tribunal, SEBI or RBI.2.Acquisition by any non-resident in accordance with FDI guidelines.3.Acquisition by an investment fund [as referred to in sec. 115UB].4.Acquisition through preferential issue to which Chapter VII of the SEBI (Issue of Capital and Disclosure) Regulations does not apply.5.Acquisition through an issue of share by a company.6.Acquisition by scheduled banks, reconstruction or secularization companies or public financial institutions during their ordinary course of business.7.Acquisition under ESOP.8.Acquisition under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations 20119.Acquisition from the Government.10.Acquisition by mode of transfer (as per section 47/50B) if previous owner has acquired shares by any of the modes given in this list.11.Acquisition by an investment fund referred to in clause (a) of the Explanation 1 to section 115UB or a venture capital fund referred to in section 10(23BF) or a Qualified Institutional Buyer.It is further provided that the acquisition of shares in the following circumstances shall not be subject to taxability under Section 112A:1.Acquisition of listed equity share of a company through a preferential issue if its shares are not frequently traded in a recognized stock exchange of India.2.Acquisition of existing listed equity share in a company not through a recognized stock exchange.3.Acquisition of equity share of a company during the period when company is delisted on a recognized stock exchange.
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