https://www.taxtmi.com/caselaws?id=27972 The court determined that the conversion of an individual business into a partnership did not constitute a "transfer" under the Income Tax Act, 1961, as there was no sale, exchange, relinquishment, or extinguishment of rights in the assets. Relying on precedents, the court ruled in favor of the assessee, holding that no capital gains tax liability arose from the conversion. The court dismissed the tax implications related to the conversion, emphasizing that in a partnership, partners do not completely divest themselves of rights in the property. en-us Fri, 15 Jun 1979 00:00:00 +0530 Wed, 17 Feb 2010 11:37:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27972 The court determined that the conversion of an individual business into a partnership did not constitute a "transfer" under the Income Tax Act, 1961, as there was no sale, exchange, relinquishment, or extinguishment of rights in the assets. Relying on precedents, the court ruled in favor of the assessee, holding that no capital gains tax liability arose from the conversion. The court dismissed the tax implications related to the conversion, emphasizing that in a partnership, partners do not completely divest themselves of rights in the property. Case-Laws Income Tax Fri, 15 Jun 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27972