High Court of Karnataka Dismisses Revenue's Appeal in Capital Gains Tax Case — Conversion of Partnership Firm to Company Not a Transfer Under Section 2(47) of Income Tax Act. The court held that conversion of a partnership firm into a private company under the Karnataka Compulsory Conversion of Partnership Firms into Companies Act, 2014 does not constitute a 'transfer' for capital gains tax purposes....
The Revenue filed an appeal under Section 260A of the Income Tax Act, 1961 against an order of the Income Tax Appellate Tribunal (ITAT) dated 15.10.2024 in ITA No.692/Bang/2024 for Assessment Year 201...




