https://www.taxtmi.com/caselaws?id=63863 The ITAT upheld the AO and CIT(A)'s decision, determining that the surplus from revaluation and land contribution to a partnership firm is taxable as capital gain under Section 45(3) of the IT Act. The Tribunal found the partnership genuine but deemed the transaction a tax evasion device. Various expense disallowances were maintained, while issues regarding interest on FDRs and accrued interest were remitted back to the AO for further review. For subsequent years, the Tribunal maintained the taxability of the surplus as capital gain, supporting the view of tax evasion through the transaction. en-us Mon, 04 Jan 2010 00:00:00 +0530 Mon, 20 May 2024 13:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63863 The ITAT upheld the AO and CIT(A)'s decision, determining that the surplus from revaluation and land contribution to a partnership firm is taxable as capital gain under Section 45(3) of the IT Act. The Tribunal found the partnership genuine but deemed the transaction a tax evasion device. Various expense disallowances were maintained, while issues regarding interest on FDRs and accrued interest were remitted back to the AO for further review. For subsequent years, the Tribunal maintained the taxability of the surplus as capital gain, supporting the view of tax evasion through the transaction. Case-Laws Income Tax Mon, 04 Jan 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63863