https://www.taxtmi.com/caselaws?id=444829 The Tribunal's order on 5th October 2023 partially allowed the appeal for A.Y. 2009-10, ruling in favor of the assessee. The Hon'ble Bombay HC and AAR determined no capital gain liability arose from the conversion of a partnership firm into a Private Limited Company, dismissing the short-term capital gain assessment and disallowance of depreciation. For A.Y. 2010-11, the Tribunal dismissed the appeal, upholding the disallowance of depreciation on asset transfer value, consistent with the HC's precedent. en-us Thu, 05 Oct 2023 00:00:00 +0530 Mon, 23 Oct 2023 14:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444829 The Tribunal's order on 5th October 2023 partially allowed the appeal for A.Y. 2009-10, ruling in favor of the assessee. The Hon'ble Bombay HC and AAR determined no capital gain liability arose from the conversion of a partnership firm into a Private Limited Company, dismissing the short-term capital gain assessment and disallowance of depreciation. For A.Y. 2010-11, the Tribunal dismissed the appeal, upholding the disallowance of depreciation on asset transfer value, consistent with the HC's precedent. Case-Laws Income Tax Thu, 05 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444829