https://www.taxtmi.com/caselaws?id=24129 The court held that transferring a capital asset to a firm by a partner constitutes a transfer but does not attract capital gains tax liability. The credit in the firm's books exceeding the acquisition price does not result in capital gains taxation. The court followed a Supreme Court precedent, ruling that introducing personal assets into a partnership as capital does not trigger capital gains tax. The partner did not incur any capital gains tax liability in this case. en-us Wed, 08 Mar 1989 00:00:00 +0530 Sat, 16 Jan 2010 18:00:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24129 The court held that transferring a capital asset to a firm by a partner constitutes a transfer but does not attract capital gains tax liability. The credit in the firm's books exceeding the acquisition price does not result in capital gains taxation. The court followed a Supreme Court precedent, ruling that introducing personal assets into a partnership as capital does not trigger capital gains tax. The partner did not incur any capital gains tax liability in this case. Case-Laws Income Tax Wed, 08 Mar 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24129