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T. S. SIVAGNANAM, HIRANMAY BHATTACHARYYA
Principal Commissioner Of Income Tax-1, Kolkata – Appellant
Versus
Salapuria Soft Zone – Respondent
JUDGMENT :
(T.S. Sivagnanam, J.)
1. This appeal by the revenue filed under Section 260A of the Income Tax Act, 1961 (the Act) is directed against the common order passed by the Income Tax Appellate Tribunal, A Bench, Kolkata (Tribunal) dated 23.10.2019 in ITA No. 1582 and 1583/Kol/2016 and ITA No. 1909 and 1910/Kol/2016 for the AY 2008-09 and 2009-10. The revenue has raised the following substantial questions of law for consideration:
(ii) Whether on the facts and circumstances and in law, the Income Tax Appellate Tribunal was erred in holding that the conditions of Section 47(xiii) of the Income Tax Appellate Tribunal, 1961 had been complied with by the assessee although the assessee had converted the stock-in-trade into capital asset during th
The main legal point established is that the applicability of Section 45(3) of the Income Tax Act depends on whether the transfer is of a capital asset, and the revaluation of assets must be justifie....
Reassessment – Assets revalued and credit into capital accounts of respective partners can be said to be “transfer”.
The provisions of sub-section (1) shall not apply in any case where any such assessment, reassessment or recomputation as is referred to in that sub-section relates to an assessment year in respect o....
Mere reduction in profit-sharing ratio of existing partners upon new partner's admission into firm, without retirement, does not constitute transfer u/s 2(47); amount credited from new contribution n....
Point of Law : Consideration, which a partner acquires on making over a personal asset to the firm as his contribution to its capital cannot fall within the terms of Section 48 and as that provision ....
On interpretation of the partnership agreement and considering the wish of the partners reflected in the partnership deed, not to pay/charge interest on the partners capital and the remuneration, the....
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