TaxTMI 
TaxTMI 
1978 (2) TMI 53
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....August 27, 1957, there was another deed of partition whereby certain allocations made under the earlier deed were altered and fresh allocations made. Under this deed, a house at Madanapalle, which was in the occupation of their mother, was allowed to be kept joint between the four brothers. On August 25, 1966, the brothers entered into another agreement under which the other three brothers agreed to give properties worth one lakh of rupees to the assessee, their elder brother, towards "Jeshta bhagam" in addition to his 1/4th share in consideration of his having improved and developed the family properties. This consideration was made up of the value of the shares of the three brothers in the Madanapalle house, each share being valued at Rs.....
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....he capital gain in terms of s. 54 of the Act ?" Mr. Rama Rao, the learned counsel appearing for the revenue, invited our attention to a decision of the Madras High Court in Radhakristnayya v. Sarasamma, AIR 1951 Mad 213, to contend that properties, which devolved upon the divided members of a coparcenary upon partition, would not come within the meaning of "transfer". Subba Rao J., speaking for the Bench, said : "Partition is really a process in and by which an enjoyment is transformed into an enjoyment in severalty. Each one of the sharers had an antecedent title and, therefore, no conveyance is involved in the process as a confirment of a new title is not necessary. A partition, therefore, is not a transfer within the meaning of section....