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2017 (8) TMI 192 - HC - Income TaxCapital gain - transfer u/s 2(47) - revaluation of the satellite rights - Held that:- There is neither distribution of assets nor any realization of assets. There is no dissolution of the firm nor distribution of assets of the firm amongst the partners. No transfer of assets has taken place. It is further observed that the partnership firm was converted into a private limited company and the satellite rights thereafter vests with the company. The revaluation of the assets by the partnership firm would not attract any capital gain. There was no transfer as defined under Section 47 of the Act.
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