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TMI Blog1997 (7) TMI 683X X X X Extracts X X X X X X X X Extracts X X X X ..... he facts and in the circumstances of the case, the Tribunal was correct in law in holding that the contribution of the property by the assessee towards the capital amounted to transfer within the meaning of s. 2(47) of the IT Act, 1961 thereby attracting the provisions of s. 45 of that Act ?" 2. Facts are that the assessee-a partner in the firm : M/s Ganeshi Lal & Sons, Agra - contributed hi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation is whether the said property can be subjected to capital gain tax. 3. In Sunil Siddharthbhai vs . CIT [1985] 156 ITR 509 (SC) the Supreme Court held that where a partner of a firm makes over capital assets which are held by him to a firm as his contribution towards capital, there is a transfer of a capital asset within the terms of s. 45 of the IT Act, 1961, because an exclusive interest of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or his benefit without liability to Income Tax on a capital gain, it will be open to the Income Tax authorities to go behind the transaction and examine whether the transaction of creating the partnership is genuine or a sham transaction and, even where the partnership is genuine, whether the transaction of transferring the personal asset to the partnership firm represents a real attempt to contri ..... X X X X Extracts X X X X X X X X Extracts X X X X
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