THEACIT, CIR-1(1),EKM, ERNAKULAM vs. SRI.E.M.JOHNY, KOTHAMANGALAM

In the result, the appeal of the assessee is partly allowed and the appeals

Bench: S/Shri Chandra Poojari, Am & George George K., Jm

27,017 7.3 In view of the above, it was submitted that profits and gains from transfer of a capital asset to the firm as share capital by a partner on admission can only I.T.A. Nos.605/Coch/2005 & others be charged as capital gains in the hands of partner under the provisions of section

THE ACIT, CIRCLE-1(1), ERNAKULAM, ERNAKULAM vs. SRI.E.M.PAUL, EDAKATTUKUDIYIL, KOTHAMANGALAM

In the result, the appeal of the assessee is partly allowed and the appeals