https://www.taxtmi.com/caselaws?id=12790 The Supreme Court held that the transfer of shares to the firm constituted a transfer of capital asset under the Income-tax Act. However, no profit or capital gains accrued to the assessees from the transfer as it was considered a mere adjustment of rights within the partnership, not resulting in actual income or gain for the partners. Therefore, the court ruled in favor of the assessees on the issues of profit and capital gains arising from the transfer of shares to the firm. en-us Mon, 03 Sep 2001 00:00:00 +0530 Fri, 22 May 2009 10:41:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12790 The Supreme Court held that the transfer of shares to the firm constituted a transfer of capital asset under the Income-tax Act. However, no profit or capital gains accrued to the assessees from the transfer as it was considered a mere adjustment of rights within the partnership, not resulting in actual income or gain for the partners. Therefore, the court ruled in favor of the assessees on the issues of profit and capital gains arising from the transfer of shares to the firm. Case-Laws Income Tax Mon, 03 Sep 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12790