Search Results for "partnership conversion"

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Search Results for "partnership conversion"

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High Court

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.

3 Sep 2025

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 15.10.20...

High Court

Karnataka High Court Allows Conversion of Leave and License to Lease-cum-Sale for APMC Shop — Rule 12(2) of Karnataka Agricultural Produce Marketing (Regulation of Allotment of Property in Market Yards) Rules, 2004 Mandates Conversion Upon Satisfaction of Conditions. The court quashed the resolution and notice directing vacation and directed the authorities to convert the agreement.

8 Dec 2023

The petitioner, M/s. P.C. Guddad & Sons, a partnership firm, is a licensed market functionary and trader operating in the Agricultural Produce Market ...

High Court

Karnataka High Court Allows Appeal in Income Tax Case on Capital Gains Liability of Firm on Partner's Retirement. Full Bench resolves conflict under Section 45(4) of Income Tax Act, 1961 regarding liability when retiring partner receives only money for his share without distribution of assets.

16 Sep 2013

The case involves an appeal under Section 260-A of the Income Tax Act, 1961, arising from an order dated 02.03.2006 in ITA No.1295/BANG/2004 for the a...

Supreme Court

Supreme Court Allows Revenue's Appeal in Capital Gains Tax Case — Revaluation and Credit to Partners' Capital Accounts Constitutes Transfer Under Section 45(4) of Income Tax Act, 1961. The Court held that revaluation of assets and crediting the surplus to partners' capital accounts in a reconstituted firm amounts to distribution of capital assets, attracting capital gains tax under Section 45(4), and overruled the applicability of Hind Construction Ltd. to post-1988 amendments.

24 Nov 2022

The case involves appeals by the Revenue against the judgment of the Bombay High Court which dismissed the Revenue's appeals and confirmed the ITAT's ...

High Court

High Court of Karnataka Allows Excise Appeal, Upholds Transfer Fee Demand for CL-7 Licence Renewal Under Rule 17B of Karnataka Excise (General Conditions of Licences) Rules, 1967. Induction of Legal Heir of Deceased Partner Constitutes Transfer of Licence Requiring Payment of Transfer Fee.

31 Oct 2025

The case involves a writ appeal filed by the Commissioner of Excise and Deputy Commissioner of Excise against an order of a learned Single Judge of th...

High Court

Bombay High Court Allows Assessee's Claim for Capital Gains Treatment in Partnership Dissolution Case. Gains from Sale of Land Held as Co-owned Personal Asset Not Business Income Under Income Tax Act, 1961.

12 Sep 2014

The case involved an income tax reference under Section 256 of the Income Tax Act, 1961, for the assessment year 1988-89. The assessee, an individual ...

High Court

Bombay High Court Quashes Reassessment Notice Issued to Company That Ceased to Exist After Conversion into LLP — Notice Under Section 148 of Income Tax Act, 1961 Held Invalid as Issued to Non-Existent Entity. The court held that a notice under Section 148 issued to a company that had ceased to exist after conversion into an LLP is void ab initio and cannot be sustained.

3 Nov 2025

The petitioner, Erangal Comtrade and Consultancy LLP, challenged a notice dated 30 March 2021 issued under Section 148 of the Income Tax Act, 1961, se...

Supreme Court

Supreme Court Dismisses Writ Petition in Land Conversion Case Due to Non-Compliance with Policy Conditions. Petitioner's Claim for Leasehold to Freehold Conversion Failed as Land Area and Capital Investment Did Not Meet Mandatory Requirements Under Uttar Pradesh Tourism Policy, 2013.

17 Mar 2023

The dispute arose from a writ petition filed by a company challenging the order dated 24.01.2022 issued by respondent No. 1, which rejected its propos...

Supreme Court

Supreme Court Dismisses Corporate Stock Broker's Appeal for Fee Exemption Under SEBI Regulations Due to Non-Compliance with Conversion Conditions. The court upheld that fee continuity benefits under Para 4 of Schedule III to SEBI (Stock Brokers and Sub-Brokers) Regulations, 1992 require the erstwhile individual to be a whole-time director holding 40% shares, which was not satisfied in this transfer of membership card.

20 Mar 2023

The appeal arose from a dispute under the Securities and Exchange Board of India Act, 1992, concerning fee exemption for a corporate stock broker. Sri...

Supreme Court

Supreme Court Allows Deduction Under Section 80IA for Infrastructure Facility Despite Conversion of Firm to Company. The court held that the assessee-company, formed by conversion of a partnership firm, satisfied the condition of having an agreement with the government under Section 80IA(4)(i)(b) of the Income Tax Act, 1961, as the conversion did not create a new entity but a continuation of the same business.

5 Mar 2020

The case involves an appeal by the Commissioner of Income Tax, Udaipur, against the judgment of the Rajasthan High Court which allowed the deduction u...

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