https://www.taxtmi.com/caselaws?id=64406 The Tribunal held that as there was no "transfer" within the meaning of Section 2(47) of the Income-tax Act, 1961, Section 52(2) did not apply. Consequently, no capital gains were assessable on the transfer of property as capital contribution to a partnership firm. The Tribunal emphasized that the property contributed to the firm remained jointly owned by the partners, and there was no relinquishment of rights. The assessees' appeals were allowed, and the Commissioner (Appeals) order was overturned. en-us Mon, 13 Feb 1984 00:00:00 +0530 Mon, 07 Feb 2011 16:47:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64406 The Tribunal held that as there was no "transfer" within the meaning of Section 2(47) of the Income-tax Act, 1961, Section 52(2) did not apply. Consequently, no capital gains were assessable on the transfer of property as capital contribution to a partnership firm. The Tribunal emphasized that the property contributed to the firm remained jointly owned by the partners, and there was no relinquishment of rights. The assessees' appeals were allowed, and the Commissioner (Appeals) order was overturned. Case-Laws Income Tax Mon, 13 Feb 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64406