The Supreme Court has held that where shares of an amalgamating company held as stock-in-trade are substituted by shares of an amalgamated company pursuant to a scheme of amalgamation, the profit arising from such substitution constitutes taxable business income under Section 28 of the Income Tax Act, 1961, provided the new shares are realisable and
Receipt of Shares in Amalgamated Company in Lieu of Stock-in-Trade Taxable as Business Income if Realisable: Supreme Court
