https://www.taxtmi.com/caselaws?id=21152 Mere book entries crediting immovable property to a partner did not effect a legal transfer, because rights in such property cannot be created or extinguished by accounting entries alone and a valid conveyance was required where applicable. The property having been brought into the common stock of the firm did not alter this position, and the transaction was not a dissolution-based distribution. As no transfer within section 2(47) occurred, the condition for capital gains under section 45 was not satisfied. No capital gains tax was chargeable on the firm. en-us Tue, 12 Jan 1993 00:00:00 +0530 Fri, 20 Nov 2009 13:47:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21152 Mere book entries crediting immovable property to a partner did not effect a legal transfer, because rights in such property cannot be created or extinguished by accounting entries alone and a valid conveyance was required where applicable. The property having been brought into the common stock of the firm did not alter this position, and the transaction was not a dissolution-based distribution. As no transfer within section 2(47) occurred, the condition for capital gains under section 45 was not satisfied. No capital gains tax was chargeable on the firm. Case-Laws Income Tax Tue, 12 Jan 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21152