{"id":7228,"date":"2019-09-14T13:14:21","date_gmt":"2019-09-14T13:14:21","guid":{"rendered":"http:\/\/itatonline.org\/digest\/cit-v-ram-krishnan-kulwant-rai-holdings-p-ltd-2019-416-itr-123-mad-hc\/"},"modified":"2019-11-16T04:04:53","modified_gmt":"2019-11-16T04:04:53","slug":"cit-v-ram-krishnan-kulwant-rai-holdings-p-ltd-2019-416-itr-123-mad-hc","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/cit-v-ram-krishnan-kulwant-rai-holdings-p-ltd-2019-416-itr-123-mad-hc\/","title":{"rendered":"CIT  v. Ram Krishnan Kulwant Rai Holdings P. Ltd. (2019) 416 ITR 123\/ 182 DTR 468 (Mad) (HC)"},"content":{"rendered":"<p>Dismissing the appeal of the revenue the court held that when the firm converted in to company by revaluation of assets from firm to company and the partners remained\u00a0 as share holders\u00a0 there is no transfer\u00a0 as as contemplated under S.\u00a02(47)\u00a0and\u00a045(4) of the Act .Accordingly not liable to capital gains tax . Followed CIT v . Texspin Engineering and Manufacturing Works ( 2003) 263 ITR 345 (Bom) (HC)\u00a0 \u00a0(AY. 2009 -10)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 45(4) : Capital gains &#8211;  Conversion of firm to pvt Ltd company \u2013 revaluation and transfer of assets from firm to company \u2013 Same partners  as share holders- No dissolution of firm \u2013 No transfer \u2013 Not liable to capital gains tax . [ S.2(47) , 45 ]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-7228","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-1SA","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/7228","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=7228"}],"version-history":[{"count":2,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/7228\/revisions"}],"predecessor-version":[{"id":8237,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/7228\/revisions\/8237"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=7228"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=7228"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=7228"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}