https://www.taxtmi.com/caselaws?id=68701 The Tribunal concluded that the partnership firm was validly constituted and existed from 1979 to 1989 for the purpose of starting a cinema business. The land, considered a capital asset, was distributed among partners on dissolution, satisfying the conditions of Section 45(4) of the Income Tax Act. Despite the assessee's claim that the land was agricultural, the Tribunal determined it was not agricultural based on its use for non-agricultural purposes. The Tribunal directed a fresh determination of the land's fair market value and upheld the validity of the notice under Section 148. en-us Fri, 14 Sep 2007 00:00:00 +0530 Thu, 31 Mar 2011 18:49:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68701 The Tribunal concluded that the partnership firm was validly constituted and existed from 1979 to 1989 for the purpose of starting a cinema business. The land, considered a capital asset, was distributed among partners on dissolution, satisfying the conditions of Section 45(4) of the Income Tax Act. Despite the assessee's claim that the land was agricultural, the Tribunal determined it was not agricultural based on its use for non-agricultural purposes. The Tribunal directed a fresh determination of the land's fair market value and upheld the validity of the notice under Section 148. Case-Laws Income Tax Fri, 14 Sep 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68701