Income-tax (15th Amendment) Rules, 2020

The new Rule provides that the provisions of Section 50CA shall not apply to transfer of any movable property, being unquoted shares, of a company and its subsidiary and the subsidiary of such subsidiary by an assessee, where The Tribunal, under section 241, has suspended the Board of Directors of such company and has appointed new directors and Share of such company has been transferred pursuant to a resolution plan approved by the Tribunal.