https://www.taxtmi.com/caselaws?id=65755 The Tribunal ruled in favor of the assessee in a capital gains assessment dispute between an individual and a firm. Despite the property being in the individual's name, the partnership deed indicated it was considered the firm's asset. The Tribunal emphasized that property brought into a firm is no longer the individual's exclusive property, supported by the partners' conduct. Consequently, the capital gains were deemed assessable in the firm's total income, leading to their removal from the individual's total income. The appeal was allowed in favor of the assessee, with Section 52 and the nature of capital gains not requiring consideration. en-us Thu, 22 Feb 1979 00:00:00 +0530 Fri, 18 Feb 2011 16:07:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65755 The Tribunal ruled in favor of the assessee in a capital gains assessment dispute between an individual and a firm. Despite the property being in the individual's name, the partnership deed indicated it was considered the firm's asset. The Tribunal emphasized that property brought into a firm is no longer the individual's exclusive property, supported by the partners' conduct. Consequently, the capital gains were deemed assessable in the firm's total income, leading to their removal from the individual's total income. The appeal was allowed in favor of the assessee, with Section 52 and the nature of capital gains not requiring consideration. Case-Laws Income Tax Thu, 22 Feb 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65755