1989 (4) TMI 33 - HC - Income Tax

Summary

The High Court of Punjab and Haryana ruled that the transfer of immovable property by a firm to its partners cannot be done through mere entries in the firm's books. The court held that such entries do not transfer ownership without a deed of conveyance. The court cited legal precedents to support this view. The court answered the question in favor of the assessee, deleting the capital gains assessment.