This is premium content. Please become a Premium member. If you are already a member, login here to access the full content.
AAR rules no capital gains on Part IX conversion of firm to company
Case Law Details
- Case Name
- In re M/s Umicore Finance Luxembourg (A.A.R. No. 797 of 2009)
- Courts
- AAR Delhi, Advance Rulings
Upgrade to Basic or Premium to download.
Already Upgraded? Log in.
Advertisement
This Tax Alert summarises a recent ruling of the Authority for Advance Rulings (AAR) [A.A.R. No. 797 of 2009] in the case of M/s Umicore Finance Luxembourg (Applicant). There was a sale of shares of a company by its shareholders which had received such shares on conversion of a firm into the company, under the provisions of Part IX of the Indian Company Law (ICL).
The issue was whether such sale of shares, in violation of a condition of lock-in period provided in the Indian Tax law (ITL), resulted in the withdrawal of the exemption of capital gains under the ITL. The AAR held ...
Is there any Lock in period to hold the shares allotted to the partners at the time of conversion of Firm into a Company?
Pls.throw some light on tax implication if such shares sold after conversion say after 2 years.
Suresh M. Gala