IT : Where upon conversion of a private limited company into assessee-LLP entire undertaking of the erstwhile company got vested into the LLP, no separate cost other than the 'book value' were attributable to the individual assets and liabilities, hence such 'book value' could only be regarded as 'full value of consideration' for purpose of computation of capital gain under section 48

• Since transfer of the assets and liabilities of the erstwhile company took place as per the Limited Liability Partnership Act, 2008 (LLP Act) at the 'book value' itself, the difference between the transfer value and the cost of acquisition being 'Nil' would render the machinery provision of computing 'capital gains' unworkable.