https://www.taxtmi.com/caselaws?id=270789 The High Court affirmed the Tribunal's decision that the conversion of the firm into a company did not attract capital gains tax. The court held that the revaluation of assets and their introduction into the books did not constitute taxable income, and Sections 45(1), 45(2), and 45(4) were not applicable. The transaction was not considered a slump sale, and the statutory vesting of properties did not amount to a transfer under Section 2(47). The appeal was dismissed, and the question was answered in favor of the assessee and against the revenue. en-us Fri, 08 Jan 2016 00:00:00 +0530 Tue, 03 May 2016 10:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=270789 The High Court affirmed the Tribunal's decision that the conversion of the firm into a company did not attract capital gains tax. The court held that the revaluation of assets and their introduction into the books did not constitute taxable income, and Sections 45(1), 45(2), and 45(4) were not applicable. The transaction was not considered a slump sale, and the statutory vesting of properties did not amount to a transfer under Section 2(47). The appeal was dismissed, and the question was answered in favor of the assessee and against the revenue. Case-Laws Income Tax Fri, 08 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=270789