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            Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.

            Provisions expressly mentioned in the judgment/order text.

            <h1>Deemed transfer on entity reconstitution: capital assets or money received are taxed as capital gains or business income.</h1> Section 45(4) deems money and fair market value of capital assets received by a partner/member on reconstitution or dissolution to be income of the specified entity chargeable as Capital Gains, computed as A = B + C - D (zero if negative), excluding capital account increases from revaluation or self generated assets; characterization as short term or long term depends on the asset's status. Section 9B deems a transfer by the specified entity when capital assets or stock in trade are received by a specified person, taxes resulting gains as business income or capital gains with FMV as consideration, and mandates attribution rules and electronic filing of Form 5C.

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