https://www.taxtmi.com/caselaws?id=24210 An individual's act of throwing personal assets into the common stock of a partnership firm was treated as a transfer under general law because exclusive ownership is reduced to a shared partnership interest. The extended definition of "transfer" in section 2(47) of the Income-tax Act, 1961 was held applicable beyond capital gains cases, and that extended meaning covered the contribution of assets to partnership property. As the assets on which development rebate had been allowed were transferred during the prohibited period, section 34(3)(b) was attracted and the rebate was withdrawable under section 155(5). The text also notes that section 154 was not an additional independent bar. en-us Mon, 07 Mar 1988 00:00:00 +0530 Mon, 18 Jan 2010 15:39:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24210 An individual's act of throwing personal assets into the common stock of a partnership firm was treated as a transfer under general law because exclusive ownership is reduced to a shared partnership interest. The extended definition of "transfer" in section 2(47) of the Income-tax Act, 1961 was held applicable beyond capital gains cases, and that extended meaning covered the contribution of assets to partnership property. As the assets on which development rebate had been allowed were transferred during the prohibited period, section 34(3)(b) was attracted and the rebate was withdrawable under section 155(5). The text also notes that section 154 was not an additional independent bar. Case-Laws Income Tax Mon, 07 Mar 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24210