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        Case ID :
        Income Tax

        Reopening of assessment u/s 147 - Short Term Capital Gain -...

        Tribunal Affirms No Taxable Income for Partners after Firm's Land Revaluation for Bank Assistance; Not a Colorable Device.

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                Reopening of assessment u/s 147 - Short Term Capital Gain - applicability of Section 45(3) - Tribunal agreed with CIT(A) that after conversion of inventory into fixed asset the firm revalued the developed land including construction thereon in order to bring it in line with the current market value to justify the business assistance secured by the firm from the banks to extent of nearly ₹ 250 crores. Therefore, on facts the tribunal concluded that the revaluation was not a colourable device. - There was no withdrawal by the partners from capital accounts and therefore there cannot be any income liable to tax in their hands. - HC
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