https://www.taxtmi.com/caselaws?id=35996 The court determined that the contribution of shares by the assessee to a partnership firm constitutes a "transfer" under section 2(47) of the Income-tax Act, resulting in capital gains chargeable to tax. It held that the transfer of shares to the partnership firm was for consideration, and capital gains arising from the transaction are taxable under section 45. The court granted a certificate of fitness for appeal to the Supreme Court for further review. en-us Mon, 04 May 1981 00:00:00 +0530 Thu, 27 Jul 2017 17:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35996 The court determined that the contribution of shares by the assessee to a partnership firm constitutes a "transfer" under section 2(47) of the Income-tax Act, resulting in capital gains chargeable to tax. It held that the transfer of shares to the partnership firm was for consideration, and capital gains arising from the transaction are taxable under section 45. The court granted a certificate of fitness for appeal to the Supreme Court for further review. Case-Laws Income Tax Mon, 04 May 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35996