Conversion of Domino India into Domino LLP give rise to capital gain in hands of shareholder

INCOME TAX : On conversion of a company into LLP, equity shares held by shareholder in company converts into partnership interest in LLP; same is transfer within meaning of section 2(47) and computation provision under section 48 would be workable and capable of being implemented for working out capital gains arising in hands of shareholder; even if value of partner's interest in LLP is equal to value of shareholder's interest in company

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