https://www.taxtmi.com/caselaws?id=56020 The Tribunal held that the conversion of a partnership firm into a company under Part IX of the Companies Act did not amount to a 'transfer' under section 2(47) of the IT Act, thereby exempting the assessee from capital gains tax on the revaluation of assets. The Tribunal also directed the deletion of an additional amount and remanded the issue of charging interest under sections 234B and 234C for fresh adjudication, ultimately allowing the assessee's appeal. en-us Tue, 22 May 2001 00:00:00 +0530 Wed, 01 Dec 2010 11:38:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56020 The Tribunal held that the conversion of a partnership firm into a company under Part IX of the Companies Act did not amount to a 'transfer' under section 2(47) of the IT Act, thereby exempting the assessee from capital gains tax on the revaluation of assets. The Tribunal also directed the deletion of an additional amount and remanded the issue of charging interest under sections 234B and 234C for fresh adjudication, ultimately allowing the assessee's appeal. Case-Laws Income Tax Tue, 22 May 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56020