Capital gain - conversion of the firm into company - exemption ...

Income Tax Act Section 47(xiii) Exemption: Firm to Company Conversion Not a 'Transfer' u/s 2(47.

November 1, 2012

Case Laws Income Tax AT

Capital gain - conversion of the firm into company - exemption u/s 47(xiii) applies only to a case of transfer by sale, but there is no authority for capital gain at all in the absence of a transfer under Part IX of the Companies Act inasmuch as such conversions do not fall within the definition of ‘transfer’ u/s 2(47). - AT

View Source

← Previous Next →

Capital gain - conversion of the firm into company - exemption ...

Income Tax Act Section 47(xiii) Exemption: Firm to Company Conversion Not a 'Transfer' u/s 2(47.

November 1, 2012

Case Laws Income Tax AT

You may also like:

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...

Transfer u/s 2(47) - Exemption u/s 47(xiii) - partnership firm succeeded by a private limited company - Treating value of land as loan in hands of company amounts to an...

The case pertains to the applicability of Section 56(2)(x) of the Income Tax Act on the conversion of tenancy rights into ownership rights by a protected tenant. The key...

Conversion of the partnership firm into a Private Limited Company - notwithstanding the non-compliance with clause (d) of the proviso of Section 47(xiii) of the Income...

Conversion of the partnership firm into a Pvt. Ltd. company - Violation of the conditions u/s 47(xiii) - part capital was allotted as shares to erstwhile partners and...

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

Addition on account of capital gain - conversion of AOP/trust in company - transfer of the assets u/s 2(47) - till the time of conversion, the AOP remained in existence...

Incriminating documents seized during search were routine business records, not evidence of income suppression. Assessment u/s 153A invalid when regular assessment...

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...

Allowability of depreciation on the actual cost of the assets arrived at by virtue of revaluation of the trade mark - firm is succeeded by a company falling u/s 47(xiii)...

Reconstitution of firm - relinquishment of right and interest in the erstwhile firm - transfer u/s 2(47) - admission of the new partners - No transfer - HC

Income Tax: Section 47(iii) of the Income Tax Act, which exempts transfers of capital assets under gift, will or irrevocable trust from capital gains tax, is proposed to...

Capital gain - compromise settlement for breach of contract - Transfer u/s 2(47) - the compensation received by the assessee arises out of the transfer of capital asset...

Conversion of a firm in Part-IX Company - resultant company is further merged with another company - violation of proviso to sec. 47 (xiii) r.w.s 47A(3) - The capital...

The SC held that the reduction in share capital of the subsidiary company and subsequent proportionate reduction in the shareholding of the assessee would be covered...

Quick Updates: