ACIT v. Celerity Power LLP (2019) 174 ITD 433 /197 TTJ 45 / 174 DTR 68 (Mum) (Trib.) www.itatonline.org

S. 47A : Capital gains – Withdrawal of exemption – Conversion of firm in to LLP – Provision will apply only for purpose of withdrawing an exemption earlier availed by an assessee and not for determination of exemption under section 47(xiiib) of the Act .[ S. 45 47A(4)]

Provision of S. 47A(4)  will apply  only for purpose of withdrawing an exemption earlier availed by an assessee and could not have been applied   for determining  whether  the  assessee is  not eligible for claim of exemption under section 47(xiiib) in year of raising of such claim itself. ( ITA No. 3637/Mum/2015 & C.O No.2/Mum/2016, dt. 16.11.2018) ( AY.2010 -11)