Conversion of firm to company for consideration of paid up share capital doesn’t amount to transfer

ITO Vs Jatin Kanubhai Kotadia (ITAT Ahmedabad)

ITAT Ahmedabad held that Sale/ conversion of business of assessee-firm as a going concern to company for consideration of paid up share capital does not amount to transfer liable to tax as capital gains.

Facts- Yougstar Infrastructure is a Partnership Firm constituted on 7.11.2006 with five partners, including the two respondents herein. The business of the Partnership Firm was of dealing in land, development thereof, carrying

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