Addition towards capital gains u/s 45(3) - transfer of land as Capital contribution in the Partnership...

Addition towards capital gains u/s 45(3) - transfer of land as Capital contribution in the Partnership firm - Tribunal agreed with CIT(A) that after conversion of inventory into fixed asset the firm revalued the developed land including construction thereon in order to bring it in line with the current market value to justify the business assistance secured by the firm from the banks to extent of nearly ₹ 250 crores. Therefore, on facts the tribunal concluded that the revaluation was not a..... .....

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