https://www.taxtmi.com/highlights?id=103962 Succession of a firm by a company satisfies section 47(xiii) where all assets and liabilities immediately before succession vest in the company and partners receive only company shares. Pre-succession capital withdrawals, asset sales and changes in partners' profit-sharing ratios do not, absent a statutory restriction, disqualify the succession or make it a taxable transfer. Search-assessment proceedings require incriminating material: routine board resolutions, no-objection certificates, legal notes, valuation reports and firm-constitution records generated in ordinary business are not incriminating. In their absence, assessment under section 153A is not maintainable, and the departmental appeal was dismissed. en-us Sat, 19 Sep 2026 08:20:50 +0530 Sat, 19 Sep 2026 08:20:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=103962 Succession of a firm by a company satisfies section 47(xiii) where all assets and liabilities immediately before succession vest in the company and partners receive only company shares. Pre-succession capital withdrawals, asset sales and changes in partners' profit-sharing ratios do not, absent a statutory restriction, disqualify the succession or make it a taxable transfer. Search-assessment proceedings require incriminating material: routine board resolutions, no-objection certificates, legal notes, valuation reports and firm-constitution records generated in ordinary business are not incriminating. In their absence, assessment under section 153A is not maintainable, and the departmental appeal was dismissed. Highlights Income Tax Sat, 19 Sep 2026 08:20:50 +0530 https://www.taxtmi.com/highlights?id=103962