https://www.taxtmi.com/caselaws?id=327441 The court held that the transformation of a partnership firm into a private limited company did not amount to a "transfer" under the Income-tax Act, thus not attracting capital gains tax liability. The court emphasized that the statutory vesting of assets in the company did not involve an actual distribution of assets. Consequently, the appellant was not liable for capital gains tax, and the appeal was allowed with the orders of the Income-tax Appellate Tribunal being set aside. en-us Tue, 01 Dec 2015 00:00:00 +0530 Wed, 11 May 2016 10:42:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327441 The court held that the transformation of a partnership firm into a private limited company did not amount to a "transfer" under the Income-tax Act, thus not attracting capital gains tax liability. The court emphasized that the statutory vesting of assets in the company did not involve an actual distribution of assets. Consequently, the appellant was not liable for capital gains tax, and the appeal was allowed with the orders of the Income-tax Appellate Tribunal being set aside. Case-Laws Income Tax Tue, 01 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327441