A&B Pvt. Ltd. (A&B) having two shares holders, wants to demerge its business into two companies. Demerge Undertaking 1 into A Pvt. Ltd. (A Ltd)) and as a consideration issue equity shares of A Ltd. to Mr A and issue additional shares of A&B to Mr B. Mr A Cancal its existing shares in A&B and get additional shares of A Co. Whether this is compliant demerger as per Income Tax Act.
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