Transaction involving conversion of a private limited company or unlisted public company to a LLP as contemplated in section 47(xiiib) would though be a transfer on cumulative satisfaction of conditions (a) to (f) of proviso to section 47(xiiib) would not be chargeable to ‘capital gains.( ITA No. 3637/Mum/2015 & C.O No.2/Mum/2016, dt. 16.11.2018) ( AY.2010 -11)
ACIT v. Celerity Power LLP (2019) 174 ITD 433//197 TTJ 45 (Trib.) ,www.itatonline.org
S.47(xiiib): Capital gains – Transaction not regarded as transfer – Conversion of firm in to LLP– Transfer -On cumulative satisfaction of conditions (a) to (f) of proviso to section 47(xiiib) would not be chargeable to capital gains [ S.45 ]