https://www.taxtmi.com/caselaws?id=20195 Precious stones disclosed under the Voluntary Disclosure Scheme, 1975 were treated as capital assets, not stock-in-trade, because the assessee had not established a business in cut emeralds and the partnership's trading activity did not by itself convert the disclosed assets into business stock. Their introduction into a partnership firm was treated as a transfer of capital asset within section 2(47) of the Income-tax Act, 1961. However, applying the governing principle on partnership contributions, no taxable capital gain arose under section 45 on that transfer. en-us Thu, 28 Oct 1993 00:00:00 +0530 Thu, 12 Nov 2009 13:33:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20195 Precious stones disclosed under the Voluntary Disclosure Scheme, 1975 were treated as capital assets, not stock-in-trade, because the assessee had not established a business in cut emeralds and the partnership's trading activity did not by itself convert the disclosed assets into business stock. Their introduction into a partnership firm was treated as a transfer of capital asset within section 2(47) of the Income-tax Act, 1961. However, applying the governing principle on partnership contributions, no taxable capital gain arose under section 45 on that transfer. Case-Laws Income Tax Thu, 28 Oct 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20195