https://www.taxtmi.com/caselaws?id=181470 The Tribunal dismissed the revenue's appeal against the Commissioner of Income Tax (Appeals) decision regarding the addition of amounts in the assessee's capital account due to revaluation of assets and land received on retirement from the firm. It was held that section 45(4) does not apply to individual partners, and the revaluation entries in firm books do not impact partners' tax liabilities directly. The Tribunal emphasized the distinction between partnership firms and individual partners in determining tax implications, leading to the dismissal of the revenue's appeal on both issues. en-us Tue, 22 Mar 2011 00:00:00 +0530 Mon, 18 Apr 2016 14:32:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181470 The Tribunal dismissed the revenue's appeal against the Commissioner of Income Tax (Appeals) decision regarding the addition of amounts in the assessee's capital account due to revaluation of assets and land received on retirement from the firm. It was held that section 45(4) does not apply to individual partners, and the revaluation entries in firm books do not impact partners' tax liabilities directly. The Tribunal emphasized the distinction between partnership firms and individual partners in determining tax implications, leading to the dismissal of the revenue's appeal on both issues. Case-Laws Income Tax Tue, 22 Mar 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181470