https://www.taxtmi.com/caselaws?id=195901 Contribution of a partner's personal immovable property to a partnership firm can amount to a transfer of a capital asset because the contributor's exclusive ownership is converted into shared rights. The transaction must be examined on its real nature, and where the Revenue alleges a sham or colourable device to avoid tax, the Tribunal must record findings on genuineness and the true character of the arrangement. The text also notes that registration requirements under the Registration Act, 1908 may arise where contribution of immovable property extinguishes or limits proprietary rights. The transfer issue was answered in favour of the Revenue, and the matter was remanded for fresh adjudication on the unanswered issues. en-us Tue, 31 Jan 2017 00:00:00 +0530 Wed, 09 Jul 2025 14:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=195901 Contribution of a partner's personal immovable property to a partnership firm can amount to a transfer of a capital asset because the contributor's exclusive ownership is converted into shared rights. The transaction must be examined on its real nature, and where the Revenue alleges a sham or colourable device to avoid tax, the Tribunal must record findings on genuineness and the true character of the arrangement. The text also notes that registration requirements under the Registration Act, 1908 may arise where contribution of immovable property extinguishes or limits proprietary rights. The transfer issue was answered in favour of the Revenue, and the matter was remanded for fresh adjudication on the unanswered issues. Case-Laws Income Tax Tue, 31 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=195901