https://www.taxtmi.com/caselaws?id=11459 The High Court ruled in favor of the assessee, holding that there were no taxable capital gains arising from the transactions in question. The Court accepted the Appellate Tribunal's decision to entertain a miscellaneous application and quash the order of the Commissioner (Appeals). It was determined that the transfer of personal assets to a firm as capital did not result in taxable capital gains. The Court also found that the conversion of shares into stock-in-trade before transferring them to the partnership firm was not genuine, constituting a transfer under the Income-tax Act. The Court upheld the Tribunal's decision, dismissing the Revenue's challenge and disposing of the reference with no order as to costs. en-us Thu, 07 Aug 2003 00:00:00 +0530 Mon, 10 Aug 2009 10:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11459 The High Court ruled in favor of the assessee, holding that there were no taxable capital gains arising from the transactions in question. The Court accepted the Appellate Tribunal's decision to entertain a miscellaneous application and quash the order of the Commissioner (Appeals). It was determined that the transfer of personal assets to a firm as capital did not result in taxable capital gains. The Court also found that the conversion of shares into stock-in-trade before transferring them to the partnership firm was not genuine, constituting a transfer under the Income-tax Act. The Court upheld the Tribunal's decision, dismissing the Revenue's challenge and disposing of the reference with no order as to costs. Case-Laws Income Tax Thu, 07 Aug 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11459