The partner introduced the land \u00a0which was held\u00a0 by him as capital asset \u00a0\u00a0\u00a0to the firm as stock in trade at nil value in the assessment year 2011-12 . \u00a0In the assessment year 2013 -14 the firm revalued the assets and credited \u00a0in the account of the partner at Rs . 13.96 crores. \u00a0The Assessing Officer reopened the assessment of the partner and \u00a0charged the capital gains at Rs 13-96 in the hands of the partner in the Assessment \u00a0year 2013 -14 . \u00a0\u00a0On appeal the CIT(A) deleted the \u00a0addition on the ground that the asset was transferred in the assessment year 2011 -12 and not in the\u00a0 assessment year 2013 -14 . On appeal by the Revenue , Tribunal\u00a0 dismissing the appeal of \u00a0the Revenue , held that section 45(3) does not seek to substitute by any other figure the value agreed between the partners at which the asset is transferred to the firm .\u00a0 As the appeal of the Revenue is dismissed , other legal grounds \u00a0on reassessment was not dealt with . ( ITA No. 1658\/Mum\/ 2023 \/ CO.No.83\/Mum\/2023 dt 21 -12 -2023 , Bench \u201cA\u201d ) ( AY. 2013 -14 )<\/p>\n
\u00a0<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" S. 45(3) : Capital gains – Transfer of capital asset to firm \u2013Land \u2013 Stock in trade- Transferring the assets at nil value \u2013 Revaluation by the Firm and crediting the accounts of the partners in latter years \u2013 Addition cannot be made in the hands of the partners in the year of revaluation and crediting in the account of partner \u2013 Order of CIT(A) deleting the addition is affirmed . [ S. 45 , 48 , 147, 148 ] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-38159","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-9Vt","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/38159","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=38159"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/38159\/revisions"}],"predecessor-version":[{"id":38160,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/38159\/revisions\/38160"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=38159"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=38159"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=38159"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}