https://www.taxtmi.com/caselaws?id=39396 A deed described as a release deed was treated as an effective transfer by the partnership firm of its house property to one partner because the recitals, surrounding circumstances, account entries and the assessee's own return showed that the firm conveyed the asset and ceased to own it after the transaction. In computing capital gains, section 52(1) of the Income-tax Act was held to be a strict deeming provision that cannot be used to substitute fair market value for the actual consideration received or accruing on a bona fide transfer unless the statutory conditions are satisfied. The ratio emphasises strict construction of deeming provisions in tax law. en-us Wed, 03 Sep 1975 00:00:00 +0530 Fri, 16 Apr 2010 12:15:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39396 A deed described as a release deed was treated as an effective transfer by the partnership firm of its house property to one partner because the recitals, surrounding circumstances, account entries and the assessee's own return showed that the firm conveyed the asset and ceased to own it after the transaction. In computing capital gains, section 52(1) of the Income-tax Act was held to be a strict deeming provision that cannot be used to substitute fair market value for the actual consideration received or accruing on a bona fide transfer unless the statutory conditions are satisfied. The ratio emphasises strict construction of deeming provisions in tax law. Case-Laws Income Tax Wed, 03 Sep 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39396