1985 (9) TMI 7 - SC - Income Tax

Partner introduced capital asset to firm by crediting market price of asset in the firm's books - whether the capital contribution by a partner to the assets of a partnership firm at an appreciated value can be said to give rise to a capital gain in his hands liable to income-tax - held that there was a transfer of the shares - held that when the assessee transferred his shares, he received no consideration as per s. 48 nor did any profit or gain accrue to him as per section 45