https://www.taxtmi.com/caselaws?id=71752 The Tribunal determined that the introduction of shares by the assessee into the firm constituted a "transfer" under Section 2(47) of the IT Act, as the assessee's rights in the shares were extinguished upon contribution. Additionally, the Tribunal found that valuable consideration was present in the transaction, making it subject to capital gains tax under Section 45 of the IT Act. Consequently, the Tribunal reversed the AAC's decision, reinstated the ITO's order, and upheld the revenue's appeal. en-us Fri, 24 Sep 1982 00:00:00 +0530 Tue, 26 Apr 2011 18:21:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71752 The Tribunal determined that the introduction of shares by the assessee into the firm constituted a "transfer" under Section 2(47) of the IT Act, as the assessee's rights in the shares were extinguished upon contribution. Additionally, the Tribunal found that valuable consideration was present in the transaction, making it subject to capital gains tax under Section 45 of the IT Act. Consequently, the Tribunal reversed the AAC's decision, reinstated the ITO's order, and upheld the revenue's appeal. Case-Laws Income Tax Fri, 24 Sep 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71752