1989 (4) TMI 46

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....ins to what purported to be transfer of immovable property of the firm to three out of its four partners by mere entries in the books of the firm without any deed of registration. This question had earlier arisen while dealing with the case of the firm in question in Income-tax Reference No. 77 of 1982 (CIT v. Bharati Engineering Corporation [1989] 180 ITR 32) decided today, that is, April 2....

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.... was upheld by the Tribunal. It is in these circumstances that the following question has now been referred for the opinion of this court : "Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal is right in law in upholding the decision of the Appellate Assistant Commissioner deleting the property income on the footing that the transfer of property by the....