https://www.taxtmi.com/caselaws?id=217641 The Tribunal dismissed the appeal filed by the Assessing Officer, upholding the First Appellate Authority's order. It was concluded that there was no transfer of capital assets by the firm during the assessment year, and thus, the provisions of Section 45(4) of the Income Tax Act, 1961 were deemed inapplicable. The Tribunal emphasized that the revaluation of assets and the admission or retirement of partners did not constitute a transfer of assets within the meaning of the relevant sections of the Act. en-us Fri, 12 Oct 2012 00:00:00 +0530 Thu, 07 Apr 2016 16:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=217641 The Tribunal dismissed the appeal filed by the Assessing Officer, upholding the First Appellate Authority's order. It was concluded that there was no transfer of capital assets by the firm during the assessment year, and thus, the provisions of Section 45(4) of the Income Tax Act, 1961 were deemed inapplicable. The Tribunal emphasized that the revaluation of assets and the admission or retirement of partners did not constitute a transfer of assets within the meaning of the relevant sections of the Act. Case-Laws Income Tax Fri, 12 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=217641