https://www.taxtmi.com/caselaws?id=22365 HC held that the assessee was not liable to capital gains tax on contribution of a personal immovable asset as capital to a partnership firm in the circumstances of this case. In revisional proceedings under s.263, the Commissioner had proceeded on the footing that there was a genuine transfer and sought revision only on the legal assumption that such contribution automatically attracted s.45. HC held that, though an element of transfer exists as per SC precedent, the Commissioner failed to consider the inapplicability of s.48 and the impracticability of computing capital gains. The Tribunal's refusal to remand and its finding that the transaction was not sham were upheld, and the question was answered against the Revenue. en-us Fri, 27 Sep 1991 00:00:00 +0530 Tue, 09 Dec 2025 10:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22365 HC held that the assessee was not liable to capital gains tax on contribution of a personal immovable asset as capital to a partnership firm in the circumstances of this case. In revisional proceedings under s.263, the Commissioner had proceeded on the footing that there was a genuine transfer and sought revision only on the legal assumption that such contribution automatically attracted s.45. HC held that, though an element of transfer exists as per SC precedent, the Commissioner failed to consider the inapplicability of s.48 and the impracticability of computing capital gains. The Tribunal's refusal to remand and its finding that the transaction was not sham were upheld, and the question was answered against the Revenue. Case-Laws Income Tax Fri, 27 Sep 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22365