https://www.taxtmi.com/caselaws?id=63870 A genuine contribution of a capital asset to a partnership firm does not attract capital gains where the firm is bona fide and no sham or colourable device is found. The note also states that interest cannot be taxed twice: accrued interest on compulsory deposits and fixed deposits, once assessed on receipt basis in the correct later year, could not be brought to tax again in the earlier year merely because it was credited or accrued then. The disputed additions were therefore treated as unsustainable and deleted. 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 A genuine contribution of a capital asset to a partnership firm does not attract capital gains where the firm is bona fide and no sham or colourable device is found. The note also states that interest cannot be taxed twice: accrued interest on compulsory deposits and fixed deposits, once assessed on receipt basis in the correct later year, could not be brought to tax again in the earlier year merely because it was credited or accrued then. The disputed additions were therefore treated as unsustainable and deleted. Case-Laws Income Tax Tue, 23 Dec 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63870