https://www.taxtmi.com/caselaws?id=25074 A partner's contribution of personal assets to a partnership firm as capital does not fall within the capital gains computation mechanism under section 48 and therefore does not give rise to taxable profit or gain under section 45. As a result, the transfer lies outside the capital gains scheme of the Income-tax Act, 1961, and section 52 cannot be invoked in relation to that transaction. en-us Fri, 20 Nov 1987 00:00:00 +0530 Mon, 25 Jan 2010 12:04:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25074 A partner's contribution of personal assets to a partnership firm as capital does not fall within the capital gains computation mechanism under section 48 and therefore does not give rise to taxable profit or gain under section 45. As a result, the transfer lies outside the capital gains scheme of the Income-tax Act, 1961, and section 52 cannot be invoked in relation to that transaction. Case-Laws Income Tax Fri, 20 Nov 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25074