Taxability of Firm Converted into Company

Issue Whether sale of business of firm as a going-concern to the company for a consideration of paid-up share capital amount to transfer liable to tax as capital gains? Held NO It is argued on behalf of the department before the Tribunal, for the first time, that in this case, on vesting of the properties of the erstwhile Firm in the Limited Company, there was a transfer of capital assets and,Read More…