https://www.taxtmi.com/caselaws?id=346134 The High Court dismissed the appeal regarding the assessment of capital gains on the revaluation of satellite rights in a partnership firm. It was held that the conversion of the partnership firm into a private limited company did not constitute a transfer of assets under Section 47 of the Income Tax Act. The court emphasized that in cases of conversion where assets automatically vest in the company, the condition of transfer by way of distribution of capital assets under Section 45(4) is not met, thus no capital gains tax implications apply. en-us Mon, 31 Jul 2017 00:00:00 +0530 Fri, 04 Aug 2017 09:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=346134 The High Court dismissed the appeal regarding the assessment of capital gains on the revaluation of satellite rights in a partnership firm. It was held that the conversion of the partnership firm into a private limited company did not constitute a transfer of assets under Section 47 of the Income Tax Act. The court emphasized that in cases of conversion where assets automatically vest in the company, the condition of transfer by way of distribution of capital assets under Section 45(4) is not met, thus no capital gains tax implications apply. Case-Laws Income Tax Mon, 31 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=346134