ITAT upholds CIT(A)’s deletion of Rs. 149.29 Crores Addition, Confirming Amalgamation Exemption u/s 47(vi) of Income Tax Act

The ITAT upheld the CIT(A)’s deletion of a ₹149.29 crore addition, confirming that an amalgamation qualifies for exemption under Section 47(vi) of the Income Tax Act. This section provides tax relief for the transfer of capital assets during amalgamations, allowing exemptions if certain conditions are met. The ruling reiterates the tax-free nature of mergers and amalgamations, provided they adhere to statutory requirements, ensuring smooth business consolidations.