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2012 (6) TMI 159 - AT - Income TaxCapital gains - Conversion of partnership firm into company - exemption - conversion of balance in capital account of a partner into loan - transfer - Section 47A r.w.s section 47(xiii) - Held that: merely because the partners credit balance lying as their capital was converted into their loan and which was repaid to them, it cannot be said that there was any undue benefit directly or indirectly to the partners - Decided in favor of the assessee
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