No transfer as per section 47(xiii) in case land acquired by assessee company from partnership-firm succeeded by it

ACIT Vs Neptune Industries Ltd. (ITAT Ahmedabad) Conclusion: Where the existing company acquired all the assets and liabilities of the partnership firms in the manner as provided under section 47(xiii) then the same would not be considered as transfer and there was no requirement under the provisions of section 47(xiii) that the firms should be converted into the company. Held: Assessee-company was engaged in the activity of Manufacturing of Machinery on a turn-key basis. There were two partnership firms which were succeeded by assessee company with effect from 20th September 2007. Assessee-co...