https://www.taxtmi.com/caselaws?id=430756 The Supreme Court ruled that the revaluation of assets and crediting to partners' accounts constituted a "transfer" under Section 45(4) of the Income Tax Act, making it subject to capital gains tax. The Court emphasized the importance of interpreting "otherwise" to include transfers during the firm's existence to prevent tax avoidance. The Assessing Officer's order was restored, overturning the High Court and ITAT's decisions to delete the additions for short-term capital gains. The Court's decision aligned with the amended provisions and prior judgments, particularly affirming the interpretation in A.N. Naik Associates. en-us Thu, 24 Nov 2022 00:00:00 +0530 Tue, 09 Jun 2026 10:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430756 The Supreme Court ruled that the revaluation of assets and crediting to partners' accounts constituted a "transfer" under Section 45(4) of the Income Tax Act, making it subject to capital gains tax. The Court emphasized the importance of interpreting "otherwise" to include transfers during the firm's existence to prevent tax avoidance. The Assessing Officer's order was restored, overturning the High Court and ITAT's decisions to delete the additions for short-term capital gains. The Court's decision aligned with the amended provisions and prior judgments, particularly affirming the interpretation in A.N. Naik Associates. Case-Laws Income Tax Thu, 24 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430756