https://www.taxtmi.com/caselaws?id=151614 The Tribunal upheld the Commissioner of Income-tax (Appeals)'s decision, dismissing the Revenue's appeal. It clarified that section 45(4) of the Income-tax Act did not apply to the conversion of a firm into a company where no dissolution of the firm occurred before the conversion. The judgment established the conditions required for the taxation of capital gains under section 45(4) and set a precedent for cases involving asset revaluation during such conversions. en-us Fri, 05 Feb 2010 00:00:00 +0530 Sat, 02 Sep 2023 22:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=151614 The Tribunal upheld the Commissioner of Income-tax (Appeals)'s decision, dismissing the Revenue's appeal. It clarified that section 45(4) of the Income-tax Act did not apply to the conversion of a firm into a company where no dissolution of the firm occurred before the conversion. The judgment established the conditions required for the taxation of capital gains under section 45(4) and set a precedent for cases involving asset revaluation during such conversions. Case-Laws Income Tax Fri, 05 Feb 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=151614