https://www.taxtmi.com/caselaws?id=756465 ITAT Hyderabad ruled that revaluation of firm assets and crediting revaluation amount to partners' capital accounts constitutes transfer under Section 45(4) of IT Act, 1961, following SC precedent in Mansukh Dyeing case. The tribunal upheld CIT(A)'s jurisdiction under Section 251(1) to apply correct provisions instead of Section 68. However, ITAT partially allowed the appeal, directing that fair market value for capital gains computation should be based on stamp duty guideline value (Rs. 7 lakh per acre) rather than book revaluation amount, requiring proper valuation procedures under Section 48. en-us Wed, 31 Jul 2024 00:00:00 +0530 Sat, 03 Aug 2024 08:09:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756465 ITAT Hyderabad ruled that revaluation of firm assets and crediting revaluation amount to partners' capital accounts constitutes transfer under Section 45(4) of IT Act, 1961, following SC precedent in Mansukh Dyeing case. The tribunal upheld CIT(A)'s jurisdiction under Section 251(1) to apply correct provisions instead of Section 68. However, ITAT partially allowed the appeal, directing that fair market value for capital gains computation should be based on stamp duty guideline value (Rs. 7 lakh per acre) rather than book revaluation amount, requiring proper valuation procedures under Section 48. Case-Laws Income Tax Wed, 31 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756465