https://www.taxtmi.com/caselaws?id=75825 The conversion of a partnership firm into a private limited company under Part-IX of the Companies Act, 1956, was held not to constitute a "transfer" under section 2(47) of the Income-tax Act, 1961. The court ruled that there were no capital gains liable to income-tax despite the premature transfer of shares, as the partners did not gain any profit from the conversion. The company was deemed not liable to pay capital gains tax, and the court did not definitively address whether the conversion constituted a "transfer" of capital assets. en-us Fri, 12 Mar 2010 00:00:00 +0530 Thu, 03 Jan 2013 14:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=75825 The conversion of a partnership firm into a private limited company under Part-IX of the Companies Act, 1956, was held not to constitute a "transfer" under section 2(47) of the Income-tax Act, 1961. The court ruled that there were no capital gains liable to income-tax despite the premature transfer of shares, as the partners did not gain any profit from the conversion. The company was deemed not liable to pay capital gains tax, and the court did not definitively address whether the conversion constituted a "transfer" of capital assets. Case-Laws Income Tax Fri, 12 Mar 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=75825