No capital gain tax on revaluation of assets on conversion of firm into private limited company

ITAT AHMEDABAD BENCH ‘A’ Income-tax Officer Versus Alta Inter-chem Industries IT APPEAL NO. 223 (AHD.) OF 2012 [ASSESSMENT YEAR 2008-09] OCTOBER  19, 2012 ORDER A. Mohan Alankamony, Accountant Member This appeal of the Revenue is directed against the order of the learned Commissioner of Income-tax (Appeals)-XI, Ahmedabad, in I.T.A. No. CIT(A) XI/388/W 6(4)/ 10-11 dated November 28, 2011, for the assessment year 2008-09. 2. Though the Revenue has raised three grounds, the crux of the issue is that “the Commissioner of Income-tax (Appeals) erred in deleting R...