https://www.taxtmi.com/caselaws?id=63870 Genuine contribution of shares or other personal capital assets to a partnership firm does not result in taxable capital gains merely because it constitutes a transfer, where the firm is genuine, the partner receives no real consideration, and there is no finding of a sham, colourable device, or tax-avoidance arrangement. Interest on compulsory deposits and fixed deposits should not be taxed twice: where interest is actually realised and taxed on receipt basis in the succeeding year, earlier-year taxation solely because of account credit is unsustainable. Section 8 of the Compulsory Deposit Scheme cannot support double taxation of the same income. en-us Tue, 23 Dec 1986 00:00:00 +0530 Wed, 02 Feb 2011 15:08:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63870 Genuine contribution of shares or other personal capital assets to a partnership firm does not result in taxable capital gains merely because it constitutes a transfer, where the firm is genuine, the partner receives no real consideration, and there is no finding of a sham, colourable device, or tax-avoidance arrangement. Interest on compulsory deposits and fixed deposits should not be taxed twice: where interest is actually realised and taxed on receipt basis in the succeeding year, earlier-year taxation solely because of account credit is unsustainable. Section 8 of the Compulsory Deposit Scheme cannot support double taxation of the same income. Case-Laws Income Tax Tue, 23 Dec 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63870