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Shiv Mohan Lal & ors. Versus Commissioner of Income Tax

1997 (7) TMI 683 - ALLAHABAD HIGH COURT

IT Ref. No. 250 of 1980 - Dated:- 10-7-1997 - JUDGMENT At the instance of the assessee, the Tribunal, Delhi Bench, New Delhi referred the following question for the opinion of this Court : "Whether, on the facts and in the circumstances of the c .....

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" 2. Facts are that the assessee-a partner in the firm : M/s Ganeshi Lal & Sons, Agra - contributed his property towards the capital of the firm. The contention of the assessee was that no transfer of property was involved attracting the pro .....

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ion of the assessee held that no transfer took place by contribution of his property by the assessee to the firm. He, therefore, deleted the capital gain tax, levied by the ITO. On further appeal, the Tribunal following a Full Bench decision held tha .....

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thbhai 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. .....

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s personal asset to the firm as his contribution to its capital cannot fall within the terms of s. 48. And as that provision is fundamental to the computation machinery, incorporated in the scheme relating to the determination of the charge provided .....

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s merely a device or ruse for converting the asset into money which would substantially remain available for 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 .....

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