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of <h1>Supreme Court dismisses Review Petitions, condones delay, rejects listing, and disposes pending applications.</h1> <h3>M/s MANSUKH DYEING AND PRINTING MILLS Versus THE COMMISSIONER OF INCOME TAX - 23</h3> The Supreme Court dismissed the Review Petitions due to the absence of any apparent error on the record. The court condoned the delay, rejected ... Capital gain - transfer - revaluation of assets - partnership firm - retirement of one partner and reconstitution of firm with new partners - applicability of Section 45(4) of the Income Tax Act as introduced by the Finance Act, 1987 - As decided in assets so revalued and the credit into the capital accounts of the respective partners can be said to be “transfer” and which fall in the category of “OTHERWISE” and therefore, the provision of Section 45(4) inserted by Finance Act, 1987 w.e.f. 01.04.1988 shall be applicable - HELD THAT:- Applications for listing of the Review Petitions in the Open Court are rejected. In the Review Petitions, the judgment under challenge and the papers annexed therewith, we are satisfied that there is no error apparent on the face of the record, warranting reconsideration of the judgment impugned. Review Petitions are, accordingly, dismissed. The Supreme Court dismissed the Review Petitions as there was no error apparent on the face of the record. Delay was condoned, and applications for listing in the Open Court were rejected. Pending applications were disposed of.
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