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No Cap Gain exemption if allotment of shares not made before end of year in which succession took place

September 13, 2018[2018] 97 taxmann.com 210 (Karnataka)
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IT: Allotment of shares of company which succeeds to business of partnership firm has to be complied with before end of relevant previous year in which such succession of business takes place. Providing for some period for completing said process of allotment of shares is also reasonable and necessary. However, words ‘reasonable period’ cannot be stretched to cover a large period like 3 to 4 years. In case of non-compliance of such condition, capital gains tax liability is to be fixed in hands of successor company for previous year in which requirements or conditions of clause (b) of proviso to clause (xiii) of section 47 are not complied with vide section 47A(3)

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