https://www.taxtmi.com/caselaws?id=437600 The Tribunal allowed the Revenue's appeal, holding that the transaction of the land introduced by the assessee as capital in the AOP is taxable under Section 45(3) of the Income Tax Act. The AO is directed to consider the value of Rs. 5 crore credited in the books of accounts as the full value of consideration for the transfer of land and calculate the capital gain accordingly. The Tribunal distinguished the case laws cited by the assessee, noting they were not relevant to the introduction of land as capital contribution in a firm or AOP. en-us Wed, 05 Apr 2023 00:00:00 +0530 Wed, 10 May 2023 08:47:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=437600 The Tribunal allowed the Revenue's appeal, holding that the transaction of the land introduced by the assessee as capital in the AOP is taxable under Section 45(3) of the Income Tax Act. The AO is directed to consider the value of Rs. 5 crore credited in the books of accounts as the full value of consideration for the transfer of land and calculate the capital gain accordingly. The Tribunal distinguished the case laws cited by the assessee, noting they were not relevant to the introduction of land as capital contribution in a firm or AOP. Case-Laws Income Tax Wed, 05 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=437600