https://www.taxtmi.com/caselaws?id=351539 The Tribunal held that the revaluation of the land and crediting the revalued amount to partners' capital accounts did not constitute a transfer under section 2(47) of the Income Tax Act. As there was no distribution of capital assets, section 45(4) was deemed inapplicable. The appeal was allowed, reducing the addition by the Assessing Officer to Rs. 63,12,50,000 instead of Rs. 63,12,80,810, granting a relief of Rs. 30,810 to the assessee. en-us Fri, 24 Nov 2017 00:00:00 +0530 Mon, 27 Nov 2017 08:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=351539 The Tribunal held that the revaluation of the land and crediting the revalued amount to partners' capital accounts did not constitute a transfer under section 2(47) of the Income Tax Act. As there was no distribution of capital assets, section 45(4) was deemed inapplicable. The appeal was allowed, reducing the addition by the Assessing Officer to Rs. 63,12,50,000 instead of Rs. 63,12,80,810, granting a relief of Rs. 30,810 to the assessee. Case-Laws Income Tax Fri, 24 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=351539