https://www.taxtmi.com/caselaws?id=26161 Contribution of joint stock as capital to a partnership firm was held not to amount to a transfer within section 2(47) of the Income-tax Act, following the binding reasoning in the connected Division Bench matter. As no transfer was found, no computable profits and gains arose under the head of capital gains. The operative principle is that mere introduction of an asset as capital in a firm does not, by itself, attract capital gains liability under section 2(47). en-us Thu, 11 Jul 1985 00:00:00 +0530 Wed, 03 Feb 2010 12:27:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26161 Contribution of joint stock as capital to a partnership firm was held not to amount to a transfer within section 2(47) of the Income-tax Act, following the binding reasoning in the connected Division Bench matter. As no transfer was found, no computable profits and gains arose under the head of capital gains. The operative principle is that mere introduction of an asset as capital in a firm does not, by itself, attract capital gains liability under section 2(47). Case-Laws Income Tax Thu, 11 Jul 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26161