https://www.taxtmi.com/caselaws?id=14252 A partner's contribution of personal assets to a partnership firm was held to be a transfer, but it did not give rise to capital gains tax because the consideration could not be computed under section 48, so section 45 did not apply. The Court also refused the Revenue's request for a fresh inquiry into the genuineness of the firm or transaction, since no foundational facts created a real doubt and a de novo probe would amount to a second innings. The reference was answered in favour of the assessee, and the Revenue could not reopen the genuineness issue. en-us Tue, 09 Jan 2001 00:00:00 +0530 Tue, 14 Jul 2009 16:52:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14252 A partner's contribution of personal assets to a partnership firm was held to be a transfer, but it did not give rise to capital gains tax because the consideration could not be computed under section 48, so section 45 did not apply. The Court also refused the Revenue's request for a fresh inquiry into the genuineness of the firm or transaction, since no foundational facts created a real doubt and a de novo probe would amount to a second innings. The reference was answered in favour of the assessee, and the Revenue could not reopen the genuineness issue. Case-Laws Income Tax Tue, 09 Jan 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14252