https://www.taxtmi.com/caselaws?id=300496 The Tribunal dismissed the appeal, confirming the lower authority's decision. It concluded that the conversion of the partnership firm into a private limited company did not meet the conditions of section 47(xiii) of the Income Tax Act. The revaluation of land, treated as a loan in the company's balance sheet, constituted an indirect transfer of property, enabling partners to withdraw the amount, thereby evading capital gain tax. The Tribunal found this treatment violated the statutory provisions, resulting in the chargeability of capital gains tax on the conversion. en-us Fri, 27 Sep 2013 00:00:00 +0530 Tue, 09 Jul 2024 14:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=300496 The Tribunal dismissed the appeal, confirming the lower authority's decision. It concluded that the conversion of the partnership firm into a private limited company did not meet the conditions of section 47(xiii) of the Income Tax Act. The revaluation of land, treated as a loan in the company's balance sheet, constituted an indirect transfer of property, enabling partners to withdraw the amount, thereby evading capital gain tax. The Tribunal found this treatment violated the statutory provisions, resulting in the chargeability of capital gains tax on the conversion. Case-Laws Income Tax Fri, 27 Sep 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=300496