https://www.taxtmi.com/caselaws?id=364101 The court upheld the Tribunal's decision that the partnership firm was liable for short-term capital gains tax on the sale of the property under Section 45(4) of the Income-tax Act. It affirmed that the property was transferred to the partnership firm's capital without requiring a registered conveyance. The court did not address the issues related to the valuation report and the assessment of rental income due to their remand status and negligible impact, respectively. The judgment concluded with the court ruling against the assessee and in favor of the Revenue, upholding the lower authorities' orders. en-us Tue, 19 Dec 2017 00:00:00 +0530 Thu, 19 Jul 2018 17:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=364101 The court upheld the Tribunal's decision that the partnership firm was liable for short-term capital gains tax on the sale of the property under Section 45(4) of the Income-tax Act. It affirmed that the property was transferred to the partnership firm's capital without requiring a registered conveyance. The court did not address the issues related to the valuation report and the assessment of rental income due to their remand status and negligible impact, respectively. The judgment concluded with the court ruling against the assessee and in favor of the Revenue, upholding the lower authorities' orders. Case-Laws Income Tax Tue, 19 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=364101