https://www.taxtmi.com/caselaws?id=305258 The appeal filed by the revenue challenging the deletion of capital gains addition made by the Assessing Officer was dismissed by the Court. The Court upheld the Tribunal's decision, stating that the issue was no longer res integra and was covered by a previous decision. It clarified that Section 45(4) of the Income Tax Act was not attracted in this case of conversion of a partnership firm into a limited company, emphasizing the difference between vesting and distribution of property for capital gains tax purposes. Consequently, no substantial question of law arose, leading to the dismissal of the appeal. en-us Mon, 24 Jun 2013 00:00:00 +0530 Thu, 24 Nov 2022 18:43:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=305258 The appeal filed by the revenue challenging the deletion of capital gains addition made by the Assessing Officer was dismissed by the Court. The Court upheld the Tribunal's decision, stating that the issue was no longer res integra and was covered by a previous decision. It clarified that Section 45(4) of the Income Tax Act was not attracted in this case of conversion of a partnership firm into a limited company, emphasizing the difference between vesting and distribution of property for capital gains tax purposes. Consequently, no substantial question of law arose, leading to the dismissal of the appeal. Case-Laws Income Tax Mon, 24 Jun 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=305258