https://www.taxtmi.com/caselaws?id=25552 The High Court ruled in favor of the assessee, holding that the agricultural land transferred to the partnership firm did not constitute a transfer of a capital asset and therefore the profit realized was not taxable under section 45 of the Income-tax Act. The Court affirmed the decision of the Appellate Tribunal in not remanding the matter for further inquiry, stating that there were no grounds to doubt the genuineness of the transaction or the firm. The case was resolved without any costs awarded. en-us Thu, 16 Apr 1987 00:00:00 +0530 Fri, 29 Jan 2010 13:43:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25552 The High Court ruled in favor of the assessee, holding that the agricultural land transferred to the partnership firm did not constitute a transfer of a capital asset and therefore the profit realized was not taxable under section 45 of the Income-tax Act. The Court affirmed the decision of the Appellate Tribunal in not remanding the matter for further inquiry, stating that there were no grounds to doubt the genuineness of the transaction or the firm. The case was resolved without any costs awarded. Case-Laws Income Tax Thu, 16 Apr 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25552