[aaykarbhavan] No capital gains when revaluation reserve is credited to partner’s capital account; not taxable under sec. 45(4)

No capital gains when revaluation reserve is credited to partner's capital account; not taxable under sec. 45(4)

June 14, 2014[2014] 45 taxmann.com 359 (Mumbai - Trib.)

IT: Where revaluation of assets of partnership firm and credit of revalued amount to capital account of partners in their respective profit sharing ratio did not entail any transfer as defined under section 2(47), gains on revaluation could not be brought under tax net

IT: Where return of assessee was just processed under section 143 (1), and where after recording reasons, Assessing Officer had issued notice under section 148, reassessment proceedings were validly initiated

 

Regards

Prarthana Jalan

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Posted by: Prarthana Jalan <prarthanajalan@ymail.com>

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