https://www.taxtmi.com/caselaws?id=456705 ITAT PUNE held that capital gains from sale of hospital land and building were taxable as short-term capital gains in the firm's hands, not individual partners. The court confirmed that partners can contribute immovable property to firm capital without registered conveyance deed, following HC precedent. Despite property being depreciable asset under Section 50, firm was granted Section 54EC exemption benefit up to Rs. 50 lakhs ceiling, following HC ruling in ACE Builders case. Revenue's protective assessments against individual partners were deleted as gains were taxable in firm's hands on substantive basis. en-us Fri, 30 Jan 2015 00:00:00 +0530 Fri, 09 Aug 2024 10:17:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456705 ITAT PUNE held that capital gains from sale of hospital land and building were taxable as short-term capital gains in the firm's hands, not individual partners. The court confirmed that partners can contribute immovable property to firm capital without registered conveyance deed, following HC precedent. Despite property being depreciable asset under Section 50, firm was granted Section 54EC exemption benefit up to Rs. 50 lakhs ceiling, following HC ruling in ACE Builders case. Revenue's protective assessments against individual partners were deleted as gains were taxable in firm's hands on substantive basis. Case-Laws Income Tax Fri, 30 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456705