Vesting of assets from a firm to a private limited company is not a transfer under Income Tax Act Section 45(1).

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Capital gain - taking over of the assets from the firm to the company - it is clear that the vesting of the property in the private limited company is not consequent or incidental to a transfer. There is no transfer of capital assets as contemplated by section 45(1) - HC....