Court : Income Tax Appellate Tribunal ITAT Nagpur
Decided on : Jul-08-1997
Reported in : (1998)64ITD73(Nag.)
..... two high courts at least, as pointed out above, had held that when an asset is contributed by a partner to the partnership firm as capital contribution it amounts to 'transfer' within the meaning of s.2(47) of the act. in fact the gujarat high court in kartikey v.sarabhai (supra) at p. 57 of the report has observed that ...... "the ..... of the assessee in the assets which were brought in by him for the purpose of the business of the partnership firm and as such there was a transfer of a capital asset within the meaning of s. 2(47) of the act. it was also pointed out that the karnataka high court in the case of m. a. j. vasanaik (supra ..... the partnership and it was not necessary to rely on the definition of 'transfer' in s. 2(47) of the act because the said transaction amounted to a transfer in the eye of law even ..... ) again in the context of withdrawal of development rebate had held that when individual business was converted into partnership business, there was a transfer of the assets of the individual to .....Tag this Judgment!