TaxTMI 
TaxTMI 
1998 (2) TMI 9
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....6) : "Whether, on the facts and in the circumstances of the case, it has been rightly held that there was no transfer of assets in the assessee's case within the meaning of section 2(47) read with section 45 of the Income-tax Act, 1961 ?" It appears that one Damodaran Nair was carrying on business as an individual till March 31, 1967. On April 1, 1967, he converted the individual business into a....
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....e Income-tax Act. It accordingly directed the amount of capital gains to be deleted. On a reference application being filed, the aforesaid question of law was referred. The High Court vide its judgment under appeal came to the conclusion that there was no transfer of assets and, therefore, no capital gains could be levied. In Sunil Siddharthbhai v. CIT [1985] 156 ITR 509, this court had to consid....
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....position in the present case is similar. The exclusive business of the assessee has been imparted with a character of a partnership business with induction of two nephews of the assessee. This certainly would mean that there has been transfer of part of the assets at least by the assessee in favour of his two nephews. But as held by this court in Sunil Siddharthbhai's case [1985] 156 ITR 509, this....