https://www.taxtmi.com/caselaws?id=305256 The High Court dismissed the revenue's appeal challenging the order of the Income Tax Appellate Tribunal for the assessment year 1993-94. The Tribunal's decision, allowing the respondent-assessee's appeal based on relevant precedents, was upheld. The revaluation of assets did not attract capital gain tax as there was no transfer or sale involved. The conversion of the partnership firm into a limited company occurred in a subsequent year, not during the relevant assessment year. The High Court found no substantial question of law to arise and awarded no costs. en-us Mon, 24 Jun 2013 00:00:00 +0530 Thu, 24 Nov 2022 18:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=305256 The High Court dismissed the revenue's appeal challenging the order of the Income Tax Appellate Tribunal for the assessment year 1993-94. The Tribunal's decision, allowing the respondent-assessee's appeal based on relevant precedents, was upheld. The revaluation of assets did not attract capital gain tax as there was no transfer or sale involved. The conversion of the partnership firm into a limited company occurred in a subsequent year, not during the relevant assessment year. The High Court found no substantial question of law to arise and awarded no costs. Case-Laws Income Tax Mon, 24 Jun 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=305256