https://www.taxtmi.com/caselaws?id=282289 The Tribunal held that the conversion of a partnership firm into a private limited company did not result in a taxable transfer of capital assets. The revaluation of assets and crediting the difference as a loan to partners' capital accounts did not violate the exemption under Section 47(xiii) of the Income-tax Act. The Tribunal invalidated the assessment order under Section 143(3) read with Section 147, deleted the addition of capital gains tax, and allowed the assessee's appeal. en-us Mon, 29 Oct 2018 00:00:00 +0530 Thu, 01 Aug 2019 05:52:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=282289 The Tribunal held that the conversion of a partnership firm into a private limited company did not result in a taxable transfer of capital assets. The revaluation of assets and crediting the difference as a loan to partners' capital accounts did not violate the exemption under Section 47(xiii) of the Income-tax Act. The Tribunal invalidated the assessment order under Section 143(3) read with Section 147, deleted the addition of capital gains tax, and allowed the assessee's appeal. Case-Laws Income Tax Mon, 29 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=282289