https://www.taxtmi.com/caselaws?id=761176 The ITAT Pune ruled in favor of the assessee firm regarding transfer of land to partners through book entries. The firm transferred land valued at Rs. 2,28,29,180 to two partners' capital accounts at book value without revaluation or written instruments. The tribunal held no capital gains arose as the transfer was merely a journal entry without legal validity, citing Bombay HC precedent that book entry transfers of immovable property are invalid. The AO's inconsistent treatment of partially accepting the transaction while taxing only one partner's portion was deemed unjustified. The assessee's appeal was allowed. en-us Fri, 25 Oct 2024 00:00:00 +0530 Tue, 05 Nov 2024 10:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761176 The ITAT Pune ruled in favor of the assessee firm regarding transfer of land to partners through book entries. The firm transferred land valued at Rs. 2,28,29,180 to two partners' capital accounts at book value without revaluation or written instruments. The tribunal held no capital gains arose as the transfer was merely a journal entry without legal validity, citing Bombay HC precedent that book entry transfers of immovable property are invalid. The AO's inconsistent treatment of partially accepting the transaction while taxing only one partner's portion was deemed unjustified. The assessee's appeal was allowed. Case-Laws Income Tax Fri, 25 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761176