https://www.taxtmi.com/caselaws?id=442242 The Income Tax Appellate Tribunal (ITAT) upheld the Commissioner of Income Tax (Appeals) [CIT(A)]'s decision, dismissing the Revenue's appeals. The ITAT concluded that the revaluation amount credited to the partners' capital accounts is not taxable income and should be assessed in the hands of the firm, not the partners. The conversion of the partnership firm into a private limited company and the subsequent allocation of shares and unsecured loans to partners were held not to constitute a transfer liable to capital gains tax. The appeals filed by the Revenue were dismissed, with the order pronounced on 23-08-2023. en-us Wed, 23 Aug 2023 00:00:00 +0530 Sat, 26 Aug 2023 10:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=442242 The Income Tax Appellate Tribunal (ITAT) upheld the Commissioner of Income Tax (Appeals) [CIT(A)]'s decision, dismissing the Revenue's appeals. The ITAT concluded that the revaluation amount credited to the partners' capital accounts is not taxable income and should be assessed in the hands of the firm, not the partners. The conversion of the partnership firm into a private limited company and the subsequent allocation of shares and unsecured loans to partners were held not to constitute a transfer liable to capital gains tax. The appeals filed by the Revenue were dismissed, with the order pronounced on 23-08-2023. Case-Laws Income Tax Wed, 23 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=442242