https://www.taxtmi.com/caselaws?id=65917 The Tribunal held that entities formed through partial partitions post s. 171(9) can be assessed separately for income arising from independently acquired assets. Additionally, the conversion of debentures into shares was not considered an "exchange" under s. 2(47), and thus, no capital gains arose from this transaction. The Tribunal set aside the CIT's order under s. 263 and restored the ITO's original order. The appeals were allowed in favor of the assessee. en-us Wed, 31 Aug 1988 00:00:00 +0530 Sat, 19 Feb 2011 12:36:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65917 The Tribunal held that entities formed through partial partitions post s. 171(9) can be assessed separately for income arising from independently acquired assets. Additionally, the conversion of debentures into shares was not considered an "exchange" under s. 2(47), and thus, no capital gains arose from this transaction. The Tribunal set aside the CIT's order under s. 263 and restored the ITO's original order. The appeals were allowed in favor of the assessee. Case-Laws Income Tax Wed, 31 Aug 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65917