https://www.taxtmi.com/caselaws?id=300260 The Tribunal upheld the CIT(A)'s decision, ruling that the initiation of proceedings under section 147 of the Income-tax Act was unjustified, and the revaluation profit was not taxable to the partners. The appeal by the Revenue was dismissed based on established judicial reasoning and Supreme Court precedent, emphasizing that notional profits from revaluation of assets are not subject to taxation in the partners' hands. en-us Wed, 16 Nov 2016 00:00:00 +0530 Thu, 20 Jan 2022 08:24:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=300260 The Tribunal upheld the CIT(A)'s decision, ruling that the initiation of proceedings under section 147 of the Income-tax Act was unjustified, and the revaluation profit was not taxable to the partners. The appeal by the Revenue was dismissed based on established judicial reasoning and Supreme Court precedent, emphasizing that notional profits from revaluation of assets are not subject to taxation in the partners' hands. Case-Laws Income Tax Wed, 16 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=300260