2004 (2) TMI 35

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.... court: "Whether, on the facts and in the circumstances of the case, the assessment order by the Income-tax Officer for the assessment year 1977-78 could not be revised by the Commissioner of Income-tax under section 263 of the Income-tax Act, 1961, on the ground of being erroneous and prejudicial to the interests of the Revenue inasmuch as the long-term capital gain on the contribution of capi....

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....he interests of the Revenue so far as the investment is made by the assessee in the firm, namely, M/s. Mannalal Nirmal Kumar Surana and Co., and become a partner. After show cause notice and considering the reply, the Commissioner of Income-tax has taxed the contribution made by the assessee, in the form of precious stones, as transfer within the meaning of section 2(47) of the Income-tax Act and ....