https://www.taxtmi.com/caselaws?id=178329 The appeal was filed by the Revenue against the order of the Ld. CIT(A)-XXV Mumbai for the A.Y.2006-07 concerning a partnership firm engaged in supplying well water. The Ld. CIT(A) ruled in favor of the assessee, emphasizing that no transfer of assets occurred during the reconstitution of the firm. The judgment highlighted that revaluation alone does not lead to capital gain without an actual transfer of property. The appeal of the assessee was allowed, and the Revenue's appeal was dismissed. en-us Fri, 11 Feb 2011 00:00:00 +0530 Sat, 19 Mar 2016 11:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178329 The appeal was filed by the Revenue against the order of the Ld. CIT(A)-XXV Mumbai for the A.Y.2006-07 concerning a partnership firm engaged in supplying well water. The Ld. CIT(A) ruled in favor of the assessee, emphasizing that no transfer of assets occurred during the reconstitution of the firm. The judgment highlighted that revaluation alone does not lead to capital gain without an actual transfer of property. The appeal of the assessee was allowed, and the Revenue's appeal was dismissed. Case-Laws Income Tax Fri, 11 Feb 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178329