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2018 (1) TMI 507 - AT - Income TaxCapital gains assessed in the hands of the assessee on account of assessee's assignment and relinquishment of rights in the firm's assets on the reconstitution of the firm - Held that:- The coordinate Bench of the Tribunal has already decided the identical issue in favour of the assessee in ITO vs. Paru D Dave (2006 (12) TMI 168 - ITAT BOMBAY-F) holding that revaluation of assets of partnership and the credit of revalued amount to the capital account of partners in their respective share ratio do not entail any transfer as defined under s. 2(47) of the IT Act - Decided against revenue.
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