https://www.taxtmi.com/caselaws?id=444397 Section 45(3) applies where land is introduced into a partnership firm as capital contribution and the value is recorded in the firm's books, so the recorded amount is taken as the consideration for capital gains purposes. The analysis states that this treatment can apply even if the asset was claimed to be stock-in-trade, because the introduction into the firm is treated as a transfer on capital account. It also states that deduction under section 80IB(10) is available only to the undertaking developing and building the housing project, and not to a partner in an individual assessment. The common order therefore sustained the capital gains addition and rejected the deduction claim. en-us Wed, 11 Oct 2023 00:00:00 +0530 Fri, 13 Oct 2023 13:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444397 Section 45(3) applies where land is introduced into a partnership firm as capital contribution and the value is recorded in the firm's books, so the recorded amount is taken as the consideration for capital gains purposes. The analysis states that this treatment can apply even if the asset was claimed to be stock-in-trade, because the introduction into the firm is treated as a transfer on capital account. It also states that deduction under section 80IB(10) is available only to the undertaking developing and building the housing project, and not to a partner in an individual assessment. The common order therefore sustained the capital gains addition and rejected the deduction claim. Case-Laws Income Tax Wed, 11 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444397