https://www.taxtmi.com/caselaws?id=58961 The Tribunal held that the introduction of property as a capital contribution to a partnership firm does not result in capital gains tax if no consideration is received. The application of section 52(1) was deemed invalid as the intent to avoid tax or understatement of consideration was not proven. The property was transferred at cost, with no benefit to the assessee, negating capital gains. The CIT(A) was justified in setting aside the assessment order and directing a reference to the Valuation Officer. The assessee's first appeal was partially allowed, the second appeal was fully allowed, and the departmental appeal was dismissed. en-us Mon, 05 Oct 1987 00:00:00 +0530 Thu, 23 Dec 2010 13:26:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58961 The Tribunal held that the introduction of property as a capital contribution to a partnership firm does not result in capital gains tax if no consideration is received. The application of section 52(1) was deemed invalid as the intent to avoid tax or understatement of consideration was not proven. The property was transferred at cost, with no benefit to the assessee, negating capital gains. The CIT(A) was justified in setting aside the assessment order and directing a reference to the Valuation Officer. The assessee's first appeal was partially allowed, the second appeal was fully allowed, and the departmental appeal was dismissed. Case-Laws Income Tax Mon, 05 Oct 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58961