1987 (11) TMI 57 - HC - Income Tax

Summary

The Kerala High Court declined to answer a question referred by the Income-tax Appellate Tribunal regarding the application of section 52(1) in a case involving a medical practitioner transferring assets to a partnership firm. The court held that the transfer did not attract capital gains taxation provisions and, therefore, section 52 was not applicable. The parties were directed to bear their respective costs.