1983 (4) TMI 1

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....ee in this case is a partner in a partnership firm known as Oriental Enterprises. The assessee was the owner of property at No. 20, G. N. Chetty Road, Madras. During the previous year relevant to the assessment year 1976-77, the assessee made a declaration to the effect that the property situate at No. 20, G. N. Chetty Road, will thereafter be the property of the firm, Oriental Enterprises. The co....

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....t before the Appellate Assistant Commissioner. The Appellate Assistant Commissioner accepted the contention of the assessee and held that the assessee was not liable to tax on capital gains since the transfer was not effected through a registered document, that the declaration executed by the assessee on stamp paper of the value of Rs. 5 followed by mere book entry could not effectively transfer t....

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....iew of the fact that there was no transfer involved in the conversion of individual property into partnership property and that there cannot be any valid transfer in the absence of a registered sale deed. Aggrieved by the view taken by the Tribunal, the Revenue is seeking a direction in this reference petition to the Tribunal to refer the following question for the opinion of this court : " Whe....

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.... of the Tribunal that in the absence of a registered document, there could be no valid transfer of the property from the assessee to the partnership, we are not going to make an order for reference. Admittedly, the property said to have been transferred is valued between the parties at Rs. 1,20,000. For the transfer of a property which is worth more than Rs. 100, a stamped and registered document ....