https://www.taxtmi.com/caselaws?id=762381 ITAT Bangalore allowed the assessee's appeal against addition of long-term capital gains on partnership firm conversion to company. The tribunal held that documents seized during search were routine business records, not incriminating evidence justifying proceedings under section 153A. No consideration was received by partners during succession as surplus capital was withdrawn after reorganization, not before transfer. The conversion qualified for exemption under section 47(xiii) as conditions were satisfied and no violations of provisos occurred. Both AO and CIT(A) orders were set aside. en-us Tue, 15 Oct 2024 00:00:00 +0530 Sat, 30 Nov 2024 08:41:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762381 ITAT Bangalore allowed the assessee's appeal against addition of long-term capital gains on partnership firm conversion to company. The tribunal held that documents seized during search were routine business records, not incriminating evidence justifying proceedings under section 153A. No consideration was received by partners during succession as surplus capital was withdrawn after reorganization, not before transfer. The conversion qualified for exemption under section 47(xiii) as conditions were satisfied and no violations of provisos occurred. Both AO and CIT(A) orders were set aside. Case-Laws Income Tax Tue, 15 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762381