https://www.taxtmi.com/caselaws?id=57515 The Tribunal held that capital gains tax was not applicable on the transfer of property by the assessee to the partnership firm. The Tribunal found that the partnership was genuine, faced issues in conducting business activities, and noted that the property was ultimately sold by the assessee, not the firm. The Tribunal disagreed with the ITO's valuation and cited the Supreme Court decision in Sunil Siddharthbhai to support its conclusion. Consequently, the departmental appeal was dismissed. en-us Thu, 01 Feb 1996 00:00:00 +0530 Fri, 10 Dec 2010 15:45:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57515 The Tribunal held that capital gains tax was not applicable on the transfer of property by the assessee to the partnership firm. The Tribunal found that the partnership was genuine, faced issues in conducting business activities, and noted that the property was ultimately sold by the assessee, not the firm. The Tribunal disagreed with the ITO's valuation and cited the Supreme Court decision in Sunil Siddharthbhai to support its conclusion. Consequently, the departmental appeal was dismissed. Case-Laws Income Tax Thu, 01 Feb 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57515