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2017 (5) TMI 300 - ALLAHABAD HIGH COURTCapital gain on transfer of converted shares - partnership firm - contention of Assessees that share were converted into stock in trade thus no capital gain - Held that:- Tribunal which has recorded findings that conversion of investment of shares into stock-in-trade was reality and genuine as relying on case of CIT Vs M/s Raj Kumar Singh and Co. Lucknow [2017 (5) TMI 346 - Allahabad high court] wherein held it is a case of outright sale of share holding by Assesses Firm to its partner and that to for consideration, hence it can not be a case of distribution by dissolution of Firm or even under the word "otherwise" because sale is not covered under Section 45 (4) of Act, 1961. - Decided in favour of assessee.
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