1994 (10) TMI 27

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....nsolidated reference has been made in respect of three different assessees, the office is directed to register three separate references. Preparation of additional paper books is dispensed with. The following common questions of law arising out of the combined order dated June 30, 1981, of the Income-tax Appellate Tribunal, Ahmedabad Bench "A" (hereinafter referred to as "the Tribunal"), along ....

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....e of Sunil Siddharthbhai v. CIT [1985] 156 ITR 509, wherein the Supreme Court has held that where a partner of a firm makes over capital assets which are held by him to a firm as his contribution towards capital, there is a transfer of a capital asset within the terms of section 45 of the Income-tax Act, 1961. The Supreme Court, while considering the question whether any profit or gain can be said....

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....e of adjusting the rights of the partners inter se when the partnership is dissolved or the partner retires. It evidences no debt due by the firm to the partner. Indeed, the capital represented by the notional entry to the credit of the partner's account may be completely wiped out by losses which may be subsequently incurred by the firm, even in the very accounting year in which the capital accou....