https://www.taxtmi.com/caselaws?id=382292 The ITAT upheld the CIT(A)'s orders, dismissing the Revenue's appeals. The Tribunal confirmed that there was no accumulated profit under Section 11(2) to be taxed under Section 11(3), and the conversion of the society into a company did not constitute a transfer attracting capital gains under Section 45(1). The decision emphasized the statutory interpretation and judicial precedents, affirming the deletion of the additions made by the AO. en-us Tue, 11 Jun 2019 00:00:00 +0530 Sat, 29 Jun 2019 09:38:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=382292 The ITAT upheld the CIT(A)'s orders, dismissing the Revenue's appeals. The Tribunal confirmed that there was no accumulated profit under Section 11(2) to be taxed under Section 11(3), and the conversion of the society into a company did not constitute a transfer attracting capital gains under Section 45(1). The decision emphasized the statutory interpretation and judicial precedents, affirming the deletion of the additions made by the AO. Case-Laws Income Tax Tue, 11 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=382292