9911796707
TMI Blog1998 (2) TMI 9X X X X Extracts X X X X X X X X Extracts X X X X ..... ansfer within the meaning of Section 45 read with section 2(47) of the Income Tax and hence subject to capital gains - but gains u/s 45 of the IT Act has arisen X X X X Extracts X X X X X X X X Extracts X X X X ..... figure as representing the value of the route permit. The Appellate Assistant Commissioner reduced the quantum of the capital gains but the Tribunal, on a further appeal by the assessee came to the conclusion that on conversion of individual business into a partnership it did not result in any transfer as envisaged by section 45 read with section 2(47) of the Income-tax Act. It accordingly direct ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h the other partners got an interest, there was a transfer of interest in law. It was, however, held that for such a transfer no consideration was received within the meaning of section 48 and, therefore, no profit or gain had accrued to the transferor for the purposes of section 45 of the Act. Therefore, there was no capital gains which could be taxed. The position in the present case is similar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... med does not bring out this aspect of the case specifically. We would, therefore, frame an additional question. The original question would be regarded as question No. 1 and additional question would be question No. 2 as follows : "If the answer to question No. 1 is in the negative, then would such a transfer result in there being any gains or profit taxable under section 45 of the Act ?" Follow ..... X X X X Extracts X X X X X X X X Extracts X X X X
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