TMI BlogPartnership Firm Converts to Company: No Capital Gains Tax Due per Section 47(xiii) of Income Tax Act.Capital gain - conversion of the partnership firm into company - the conditions laid down under section 47(xiii) of the Act have been fulfilled in this case. Therefore, no capital gain is chargeable under the provisions of section 45(4) of the Act. - AT ..... X X X X Extracts X X X X X X X X Extracts X X X X
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