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TMI Blog1987 (3) TMI 49X X X X Extracts X X X X X X X X Extracts X X X X ..... 1, at the instance of the Revenue are: "(1) Whether, on the facts and in the circumstances of the case, the present case falls within the four corners of section 2(47) of the Income-tax Act, 1961, and capital gain is exigible against the assessee for the assessment year 1964-65 ? (2) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in directing the Income- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he constitution will be : ------------------------------------------------------------------------------------------------------------------------------------------------- Sl. Name Shares in the profits No. and losses ------------------------------------------------------------------------------------------------------------------------------------------------- 1. Jehangir B. Jeejeebho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ficer held that the assessee was liable to be taxed under the head " Capital gain income ". The capital gain was worked out after deducting the estimated market value of the plots as on January 1, 1954, being Rs. 8,19,544 from Rs. 33,75,000 at Rs. 25,55,456. The Appellate Assistant Commissioner confirmed the order whereas the Tribunal allowed the assessee's appeal on the ground that bringing in pl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he firm by way of share capital, the consideration is not merely the notional value of such assets credited to his account, it is also the share in the profits and losses of the firm to which he will be entitled during the period be remains a partner and also to a share in the assets of the firm on the date of its dissolution which will depend upon the deduction from the value of the assets of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ourt decision in Sunil Siddharthabhai v. CIT [1985] 156 ITR 509, following which we hold in relation to the first question that the case of the assessee falls within the four corners of section 2(47) of the Income-tax Act, 1961, and capital gain is not exigible against the assessee for the assessment year 1965-66. In the view we have taken as regards the first question, the second question of law ..... X X X X Extracts X X X X X X X X Extracts X X X X
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