https://www.taxtmi.com/caselaws?id=121610 The Tribunal ruled in favor of the assessee, holding that the amount credited to the partners' capital accounts due to the revaluation of assets was not taxable under Section 28(iv) or as short-term capital gains. The Tribunal emphasized that any tax liability arising from the revaluation should be borne by the firm, not the individual partners. The decision also affirmed that the transaction was exempt from being treated as a transfer for capital gains purposes under Section 47(xiii). en-us Thu, 29 Jan 2009 00:00:00 +0530 Tue, 31 Jul 2012 18:53:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=121610 The Tribunal ruled in favor of the assessee, holding that the amount credited to the partners' capital accounts due to the revaluation of assets was not taxable under Section 28(iv) or as short-term capital gains. The Tribunal emphasized that any tax liability arising from the revaluation should be borne by the firm, not the individual partners. The decision also affirmed that the transaction was exempt from being treated as a transfer for capital gains purposes under Section 47(xiii). Case-Laws Income Tax Thu, 29 Jan 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=121610