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Income Tax - Highlights / Catch Notes

Home Highlights September 2019 Year 2019 This

Capital gain arising on account of the succession of the firms - ...

Income Tax

September 18, 2019

Capital gain arising on account of the succession of the firms - scheme of succession u/s 47(xiii) - there is no requirement that the firms should be converted into the company - It is sufficient if the existing company acquires all the assets and liabilities of the partnership firms in the manner as provided u/s 47(xiii) - AT

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  1. Capital gain arising on account of the succession of the firms - scheme of succession u/s 47(xiii) - there is no prohibition for the introduction of new partners in the...

  2. Capital 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...

  3. Short Term Capital Gain - conversion of the Partnership Firms into Companies - Additions in the hands of partners - CIT (Appeals) correctly deleted the additions on...

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  6. Capital gain - crediting the enhanced value of the land, which belonged to the firm, to the current account of the partners of the firm and by treating it as loan from...

  7. Goodwill arising on succession - capital balance accounted as goodwill - capital gain computation - transfer - interpretation of Section 47 (xiv) - assessee has got the...

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