Capital gains deemed taxable when a transferred asset is converted to stock-in-trade or controlling interest ceases, triggering exemption withdrawal.

Section 71 withdraws exemptions and deems profits or gains from transfers of capital or intangible assets to be Capital gains where specified conditions fail: conversion of the asset into or treatment as stock-in-trade by the transferee, cessation of whole-shareholding by the parent/holding company, or non-compliance with conditions in sections 70(zd), 70(zf), or 70(ze); such deemed gains are chargeable to tax in the tax year in which the triggering condition is not complied with and are allocated to the successor entity or relevant shareholder as specified.

---

---

---