Tag Archives: Capital Asset

No capital gain tax if capital contribution by partner is current asset and not capital asset : ITAT

Held The Assessee brought to the notice of the CIT(A) a CBDT Circular subsequent to the insertion of sub-section (3) in section 45 of the Act, viz., circular bearing No. 495 dated September 22, 1987, (1987) 168 ITR (St.) 87, wherein it was stated thus: “24.2 With a view to blocking this escape route for… Read More »