2001 (1) TMI 44 - HC - Income Tax

Summary

The High Court of Gujarat ruled that the contribution in a partnership firm did not result in capital gains chargeable to tax. The court cited a previous Supreme Court decision and rejected the Revenue's request to reconsider the genuineness of the firm or transaction. The court concluded that the transaction did not attract any liability to capital gains tax under section 45 of the Income-tax Act. The reference was disposed of with no order as to costs.