https://www.taxtmi.com/caselaws?id=118798 The Tribunal dismissed both appeals, confirming that no capital gains tax applied to the firm's conversion into a company under Chapter IX of the Companies Act. The fair market value of the assets transferred was assessed lower based on the face value of the shares issued during the conversion process. The Tribunal upheld the CIT(A)'s decision on asset valuation, rejecting the revenue's appeal. en-us Tue, 27 Sep 2005 00:00:00 +0530 Thu, 05 Jul 2012 17:49:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=118798 The Tribunal dismissed both appeals, confirming that no capital gains tax applied to the firm's conversion into a company under Chapter IX of the Companies Act. The fair market value of the assets transferred was assessed lower based on the face value of the shares issued during the conversion process. The Tribunal upheld the CIT(A)'s decision on asset valuation, rejecting the revenue's appeal. Case-Laws Income Tax Tue, 27 Sep 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=118798