firm upon revaluation of
its assets by claiming exemption u/s47(xiii) of the Act. The assets were
taken over by the assesses company ... issue at hand we reproduce the
provisions of section 47(xiii) of the Act as below:
[(xiii) 18[any transfer of a capital asset
transfer of land under the
scheme of succession u/s.47 (xiii) of the I.T. Act.
3. The learned CIT(Appeals) has erred ... impugned transaction covered under the
scheme of succession under section 47(xiii) of the Act.
2. The facts, in brief, are that the assessee
case of the Assessing
Officer, that proviso (b) to section 47(xiii) is squarely applicable to the
assessee's case which made the transfer ... even then the conditions prescribed in the proviso (c)
to section 47(xiii) was not met. The said proviso says that the partners
that there is no violation of the
conditions stipulated in Section 47(xiii) of the
Income Tax Act without taking cognizance of the
fact that ... there has
been any violation of the conditions stipulated under Section 47(xiii) of the
Act.
5. The assessee is a private limited company, which
case of the assessee
was covered by the provisions of section 47(xiii) of the Act and therefore, the
revalued asset value should be adopted ... that in cases falling under section 47(xiii) of the Act,
the total deduction under section
capital gains after complying with
the conditions laid down in Section 47(xiii) of the Income Tax Act, 1961, one
of which postulated that ... subject of challenge, therefore for purposes of deriving
advantage under Section 47(xiii) of the Income Tax Act, 1961, if the partners
of the firm
things the issue and
allotment of Shares as provided in section 47(xiii) for non-existent assets
on the date of Succession is an impossibility ... claim of the assessee
regarding the reliance upon provisions of section 47(xiii) and the case
laws doesn't support the case
XXII, Rule 6 of
Supreme Court Rules, 2013 read with Chapter XIII Clause 47 of
Supreme Court Practice and Procedure, 2017.
Ld. Counsel for respondent
A.C.I.T., Circle-2,, Agra vs M/S Sakshi Tairi & Chhaya Battad
XXII Rule 6
of Supreme Court Rules 2013 read with Chapter XIII, Clause 47,
Practice and Procedure, Supreme Court 2017. Ld. Counsel for
respondent
