1986 (10) TMI 20 - GUJARAT HIGH COURT - Income Tax

Extract:
.......e decision of the Supreme Court in the case of Kartikeya Sarabhai 1985 156 ITR 509. As held in that case, the capital contribution by a partner in the firm, would amount to transfer. Following the said decision, we answer question No. 4 in the affirmative and against the assessee. Reference answered accordingly. There shall be no order as to costs.