https://www.taxtmi.com/caselaws?id=5909 SC held that when a partner contributes appreciated shares as partnership capital there is a transfer within the meaning of s.45, but no consideration as envisaged by s.48 and therefore no capital gains arise, provided the partnership is genuine and the contribution is a real capital introduction. The Court warned tax authorities may investigate and disregard transactions that are shams or devices to evade tax (e.g., nominally family partnerships, immediate resale, or lack of real business need), in which case tax consequences may follow. en-us Fri, 27 Sep 1985 00:00:00 +0530 Thu, 30 Oct 2025 09:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5909 SC held that when a partner contributes appreciated shares as partnership capital there is a transfer within the meaning of s.45, but no consideration as envisaged by s.48 and therefore no capital gains arise, provided the partnership is genuine and the contribution is a real capital introduction. The Court warned tax authorities may investigate and disregard transactions that are shams or devices to evade tax (e.g., nominally family partnerships, immediate resale, or lack of real business need), in which case tax consequences may follow. Case-Laws Income Tax Fri, 27 Sep 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5909