1993 (8) TMI 37

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....eferred to this court by the Income-tax Appellate Tribunal at the instance of the Revenue under section 256(1) of the Income-tax Act, 1961: "1. Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal has been right in law in holding that the transfer of one-half share in the land owned by the assessee in the firm in which the assessee was the partner did no....

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.... 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 account is credited. Having regard to the nature and quality of the consideration which the partner may be said to acquire on introduc....