|Court:||Supreme Court of india|
The Commissioner of Income-tax Vs Mansukh Dyeing and Printing Mills (Supreme Court)
The department has made a major win today in the above case when the Supreme Court held that upon revaluation of fixed asset, the credit which is made to the Partners’ capital account is liable to be taxed u/s 45(4) and approved the decision of the Bombay high Court in the case of CIT Vs A.N.Naik Associates and Ors(2004) 265 ITR 346(Bom). This decision will have huge implications for all those assessees who had resorted to revaluation and credited partners’ capital account.
|Section(s):||Section 45(4) of Income-tax Act,1961|
|Dowload Pdf File||Click here to download the file in pdf format|
|Uploaded By||Ramesh Patodia|
|Date of upload:||November 24, 2022|