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(b) a company, which is a subsidiary (within the meaning of section 155 of the Companies Act, 1963 section 7 of the Companies Act 2014) of another company, purchases the other company’s shares from a dealer,

(3) For the purposes of subsection (2), a person shall be a dealer in relation to shares of a company if the price received on their sale by the person other than to the company, or to a company which is a subsidiary (within the meaning of section 155 of the Companies Act, 1963 section 7 of the Companies Act 2014) of the company, would be taken into account in computing the person’s profits chargeable to tax under Case I or II of Schedule D.

the purchase price shall be taken into account in computing the profits of the dealer chargeable to tax under Case I or II of Schedule D, and accordingly—

(3) For the purposes of subsection (2), a person shall be a dealer in relation to shares of a company if the price received on their sale by the person other than to the company, or to a company which is a subsidiary (within the meaning of section 155 of the Companies Act, 1963 section 7 of the Companies Act 2014) of the company, would be taken into account in computing the person’s profits chargeable to tax under Case I or II of Schedule D.

(iii) sections 129 and 152 shall not apply to the distribution.

“new consideration” has the meaning assigned to it by section 135.

(iii) sections 129 and 152 shall not apply to the distribution.