https://www.taxtmi.com/caselaws?id=240528 Long-term capital gains from the sale of land were held not assessable in the hands of the firm because legal title remained with the partner. The purchase deed stood in the partner's personal name, the sale deed was executed by him individually, and no registered conveyance transferred the property to the firm. Book entries and balance-sheet reflection could not alter ownership of immovable property or vest title in the firm. On that basis, the addition was deleted and the firm's appeal succeeded. en-us Mon, 07 Jan 2013 00:00:00 +0530 Fri, 26 Jul 2013 14:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=240528 Long-term capital gains from the sale of land were held not assessable in the hands of the firm because legal title remained with the partner. The purchase deed stood in the partner's personal name, the sale deed was executed by him individually, and no registered conveyance transferred the property to the firm. Book entries and balance-sheet reflection could not alter ownership of immovable property or vest title in the firm. On that basis, the addition was deleted and the firm's appeal succeeded. Case-Laws Income Tax Mon, 07 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=240528