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1 - 10 of 14 (0.22 seconds)Section 45 in The Companies Act, 1956 [Entire Act]
Section 45 in The Income Tax Act, 1961 [Entire Act]
Section 48 in The Companies Act, 1956 [Entire Act]
Commissioner Of Income-Tax, Gujarat vs Mohanbhai Pamabhai on 24 September, 1971
27. The Commissioner of Income Tax not being satisfied with the judgment of the Gujarat High Court filed an appeal in the Supreme Court of India. However, the Supreme Court by judgment reported as Addl.Commissioner of Income-Tax Vs. Mohanbhai Pamabhai, 1987 (165) ITR 166 dismissed the appeal and confirmed the judgment of the Gujarat High Court.
Section 2 in The Companies Act, 1956 [Entire Act]
Section 46 in The Companies Act, 1956 [Entire Act]
Section 48 in The Income Tax Act, 1961 [Entire Act]
Shri Sunil Siddharthbhai Etc vs Commissioner Of Income Tax, Ahmedabad ... on 27 September, 1985
In Sunil Siddharthbhai Vs. Commissioner of Income Tax (Supra), the Supreme Court held that where a partner of a firm transfers 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 meaning of Section 45 of the Income Tax Act 1961 because an exclusive interest of the partner in personal assets is reduced, on their entry into a firm, into a share interest and after dissolution of the firm or with his retirement from the partnership he is entitled to get the value of the shares in the net partnership assets as on the date of dissolution or retirement. However, this transfer by the partner of his personal assets into the partnership firm cannot fall within the meaning of Section 48 and was such outside the scope of the capital gains altogether. The relevant paragraph of the judgment is as under :-