https://www.taxtmi.com/caselaws?id=61177 The Tribunal dismissed the application for reference, upholding its decision that there was no transfer of asset under S. 2(47) of the IT Act. The case involved the addition of long-term capital gains to the assessee's share, which was later deleted by the Tribunal. Relying on the Supreme Court precedent, the Tribunal concluded that the contribution of land to the firm did not constitute a transfer. The Tribunal's decision aligned with the Supreme Court ruling and rejected the Department's argument, ultimately dismissing the reference application. en-us Mon, 31 May 1982 00:00:00 +0530 Tue, 11 Jan 2011 12:06:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61177 The Tribunal dismissed the application for reference, upholding its decision that there was no transfer of asset under S. 2(47) of the IT Act. The case involved the addition of long-term capital gains to the assessee's share, which was later deleted by the Tribunal. Relying on the Supreme Court precedent, the Tribunal concluded that the contribution of land to the firm did not constitute a transfer. The Tribunal's decision aligned with the Supreme Court ruling and rejected the Department's argument, ultimately dismissing the reference application. Case-Laws Income Tax Mon, 31 May 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61177