https://www.taxtmi.com/caselaws?id=19417 The High Court of Gujarat held that the contribution of shares by the assessee to a partnership-firm constituted a transfer of capital assets under section 45 of the Income-tax Act, but no consideration was received by the assessee. As per the Supreme Court precedent, such transfers do not result in profit or gain at the time of contribution. The court ruled that no capital gains were chargeable to tax in this scenario. The court disposed of the reference without any cost orders. en-us Tue, 11 Oct 1994 00:00:00 +0530 Fri, 06 Nov 2009 10:56:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19417 The High Court of Gujarat held that the contribution of shares by the assessee to a partnership-firm constituted a transfer of capital assets under section 45 of the Income-tax Act, but no consideration was received by the assessee. As per the Supreme Court precedent, such transfers do not result in profit or gain at the time of contribution. The court ruled that no capital gains were chargeable to tax in this scenario. The court disposed of the reference without any cost orders. Case-Laws Income Tax Tue, 11 Oct 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19417