https://www.taxtmi.com/caselaws?id=19736 The High Court ruled against the assessee, holding that the property in question belonged to the firm for assessment purposes due to the absence of a legal transfer process to the partners. Emphasizing the necessity of written instruments for property transfers, the court highlighted the insufficiency of book entries alone. The judges reiterated the requirement for formal documentation and stamping in property transactions, referencing previous decisions supporting this stance. Consequently, the court favored the Revenue, underscoring the significance of recognized legal processes in property transfers and awarding costs to the Revenue. en-us Wed, 23 Mar 1994 00:00:00 +0530 Mon, 09 Nov 2009 13:20:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19736 The High Court ruled against the assessee, holding that the property in question belonged to the firm for assessment purposes due to the absence of a legal transfer process to the partners. Emphasizing the necessity of written instruments for property transfers, the court highlighted the insufficiency of book entries alone. The judges reiterated the requirement for formal documentation and stamping in property transactions, referencing previous decisions supporting this stance. Consequently, the court favored the Revenue, underscoring the significance of recognized legal processes in property transfers and awarding costs to the Revenue. Case-Laws Income Tax Wed, 23 Mar 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19736