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 out commercial and residential construction work and to carry out other related activities. One of the Partners brought in...