https://www.taxtmi.com/caselaws?id=20323 The High Court upheld the Tribunal's decision regarding a partnership agreement, finding the firm not genuine due to lack of capital contribution and short duration. The retirement and dissolution were deemed a scheme to avoid capital gains tax, leading to the transfer of land. The transfer extinguished the assessee's rights, considered a tax evasion device. Insufficient evidence supported the claim of land trading business. Capital gains tax was imposed on the amount received upon dissolution or retirement, emphasizing the need to prevent tax evasion through artificial structures and interpreting transactions based on their substance. en-us Thu, 26 Aug 1993 00:00:00 +0530 Fri, 13 Nov 2009 12:52:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20323 The High Court upheld the Tribunal's decision regarding a partnership agreement, finding the firm not genuine due to lack of capital contribution and short duration. The retirement and dissolution were deemed a scheme to avoid capital gains tax, leading to the transfer of land. The transfer extinguished the assessee's rights, considered a tax evasion device. Insufficient evidence supported the claim of land trading business. Capital gains tax was imposed on the amount received upon dissolution or retirement, emphasizing the need to prevent tax evasion through artificial structures and interpreting transactions based on their substance. Case-Laws Income Tax Thu, 26 Aug 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20323