https://www.taxtmi.com/caselaws?id=245837 The Tribunal upheld the reopening of the assessment under Section 147 but dismissed the addition of capital gains tax on the revaluation reserve. It concluded that the revaluation of partnership firm assets and crediting the reserve to partners' capital accounts did not result in a taxable transfer. Additionally, it held that the conversion of the partnership firm into a company did not constitute a transfer under Section 2(47), thereby exempting it from capital gains tax. en-us Fri, 04 Apr 2014 00:00:00 +0530 Wed, 09 Apr 2014 10:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=245837 The Tribunal upheld the reopening of the assessment under Section 147 but dismissed the addition of capital gains tax on the revaluation reserve. It concluded that the revaluation of partnership firm assets and crediting the reserve to partners' capital accounts did not result in a taxable transfer. Additionally, it held that the conversion of the partnership firm into a company did not constitute a transfer under Section 2(47), thereby exempting it from capital gains tax. Case-Laws Income Tax Fri, 04 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=245837