Supreme Court · 1985 INSC 207 · Decided 27 September 1985
Shrl Sunil Slddharthbhal Etc v. Commissioner of Income Tax, Ahmedabad ETC.
- Court
- Supreme Court of India
- Citation
- 1985 INSC 207 · [1985] SUPP. 3 S.C.R. 102
- Case number
- CIVIL APPEAL No. 1841/1981
- Decided
- 27 September 1985
- Bench
- P.N. BHAGWATI, R.S. PATHAK, AMARENDRA NATH SEN (3-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 45, 48, 2
Headnote
Transfer of a capital asset - When the assessee brings the shareS' of the limited companies into the partn~rship firm as his contribUtion to its capital, whether there was a transfer within the definition of section 2 (47) of capital asset within the terms of section 45 of the Income Tax Act, scheme of - Sections 45 and 48 of the Income D E F Tax, 1961, scope of - When the assessee transferred his shares to the partnership firm, whether he can be said to have received a consideration within the meaning of section 48 of the Income Tax Act, 1961 and that a profit of gain accrued to him
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