https://www.taxtmi.com/caselaws?id=213764 The High Court upheld the Tribunal's decision that the land introduced by partners as their capital and later withdrawn was agricultural land owned by the individual partners, not the firm. The court dismissed the appeal, emphasizing the partnership deed, history of firm reconstitution, and wealth tax assessments as evidence supporting individual ownership. The profit from the sale of the building erected on the land was also considered to be in the hands of the individual partners. en-us Tue, 08 May 2012 00:00:00 +0530 Tue, 29 May 2012 15:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=213764 The High Court upheld the Tribunal's decision that the land introduced by partners as their capital and later withdrawn was agricultural land owned by the individual partners, not the firm. The court dismissed the appeal, emphasizing the partnership deed, history of firm reconstitution, and wealth tax assessments as evidence supporting individual ownership. The profit from the sale of the building erected on the land was also considered to be in the hands of the individual partners. Case-Laws Income Tax Tue, 08 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=213764