https://www.taxtmi.com/caselaws?id=177223 The court confirmed that the first proviso to section 10(5)(a) of the Indian Income-tax Act applied to the assessee, a private limited company formed from a partnership firm, to reduce tax liability. The court upheld the Income-tax Officer's determination of the actual cost of assets for depreciation purposes, considering the transfer's tax reduction motive. The conversion of the partnership firm into a private limited company was deemed to primarily aim at tax reduction due to the significant increase in asset values. The court affirmed the Income-tax Officer's actions, directing the assessee to pay fixed costs of Rs. 100. en-us Tue, 14 Apr 1964 00:00:00 +0530 Tue, 05 Jan 2016 17:18:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177223 The court confirmed that the first proviso to section 10(5)(a) of the Indian Income-tax Act applied to the assessee, a private limited company formed from a partnership firm, to reduce tax liability. The court upheld the Income-tax Officer's determination of the actual cost of assets for depreciation purposes, considering the transfer's tax reduction motive. The conversion of the partnership firm into a private limited company was deemed to primarily aim at tax reduction due to the significant increase in asset values. The court affirmed the Income-tax Officer's actions, directing the assessee to pay fixed costs of Rs. 100. Case-Laws Income Tax Tue, 14 Apr 1964 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177223