2001 (9) TMI 43

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....of all partners to treat their personal assets consisting of shares in the joint stock companies as fully described in the annexure hereto, as the property of the partnership firm as on and from October 1, 1976. Adjustments of the value of shares will be taken at the face value or at the break up value of shares whichever is higher. The value of shares as worked out above shall be credited to the individual partner's current account and this will, therefore, be treated as investments by the firm entitling the firm to have all the benefits including dividend, bonus, shares, etc. Due intimation to the respective companies will also be given by the individual partners for the shares treated as holdings of the firm." Pursuant to the ag....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....llate Tribunal has rightly held that there was no transfer of capital asset within the meaning of section 2(47) read with section 45 of the Income-tax Act, 1961, when the assessees transferred their shares to the firm in which they were partners? 2. Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal has rightly held that no profit accrued to the assessees on the transfer of their shares to the firm in which they were partners 3. Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal has rightly held that no capital gains has arisen to, the assessee within the meaning of section 45 of the Income-tax Act, 1961?" The Supreme Court in the case of Sunil Si....