Revaluation of capital asset by firm before its conversion into co. was violation of proviso to sec. 47(xii)

INCOME TAX: Revaluation of a capital asset of assessee firm before its conversion as a company and crediting enhanced value of asset to current account of partners and treating it as loan from partners in account of company amounted to violation of clauses (a) and (c) of proviso to section 47(xiii)

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