https://www.taxtmi.com/caselaws?id=271643 The Appellate Tribunal upheld the decision of the Commissioner of Income Tax (A), ruling that the conversion of a proprietary business into a private limited company qualified for exemption under Section 47(xiv) of the Income Tax Act. The Tribunal determined that the transaction did not trigger taxation under Section 45 or Section 50B, as it did not constitute a slump sale. Therefore, the long term capital gains arising from the conversion were deemed non-taxable, as the entire business was transferred to the company in exchange for shares, meeting the statutory requirements for exemption. en-us Wed, 13 Jan 2016 00:00:00 +0530 Thu, 11 Feb 2016 01:13:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=271643 The Appellate Tribunal upheld the decision of the Commissioner of Income Tax (A), ruling that the conversion of a proprietary business into a private limited company qualified for exemption under Section 47(xiv) of the Income Tax Act. The Tribunal determined that the transaction did not trigger taxation under Section 45 or Section 50B, as it did not constitute a slump sale. Therefore, the long term capital gains arising from the conversion were deemed non-taxable, as the entire business was transferred to the company in exchange for shares, meeting the statutory requirements for exemption. Case-Laws Income Tax Wed, 13 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=271643