https://www.taxtmi.com/caselaws?id=182481 The High Court of Allahabad ruled in favor of the assessee in an appeal regarding the transfer of assets from a partnership firm to a public limited company. The court held that no capital gain tax liability arose from the transfer as the conditions of Section 45(1) of the Income Tax Act were not met. The court emphasized that the transfer did not involve the firm receiving consideration for the assets but rather the partners-turned-directors receiving shares. The judgment upheld the Tribunal's decision, dismissing the department's appeal. en-us Wed, 06 Aug 2014 00:00:00 +0530 Wed, 11 May 2016 23:00:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=182481 The High Court of Allahabad ruled in favor of the assessee in an appeal regarding the transfer of assets from a partnership firm to a public limited company. The court held that no capital gain tax liability arose from the transfer as the conditions of Section 45(1) of the Income Tax Act were not met. The court emphasized that the transfer did not involve the firm receiving consideration for the assets but rather the partners-turned-directors receiving shares. The judgment upheld the Tribunal's decision, dismissing the department's appeal. Case-Laws Income Tax Wed, 06 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=182481