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Learn More(2024) 165 taxmann.com 261 (Hyd. Trib)
Shree Estatesvs. ITO
ITA No.:469(Hyd) of 2023
A.Y.: 2018-19
Date of Order: 30th July, 2024
39. S. 45 — Revaluation of asset held by partnership firm and crediting amount of said revaluation to partners’ capital account is transfer taxable section45(4) and the fair market value fixed by stamp authorities should be taken as deemed value of consideration for purpose of section 48.
S. 251 — Where CIT(A) considered the same income considered by AO but taxed it under the correct provision, the power exercised by CIT(A) cannot be said to be beyond scope of section 251(1).
FACTS
The assessee was a partnership firm registered on 15th May, 2017 with three partners, formed with capital contribution of land parcels by two partners and ₹1 lakh by third partner. Subsequently, it was reconstituted on 8th November, 2017 with six partners. The firm also revalued the land held by it in its books of account upwards to the tune of ₹12,56,24,460, thereby increasing the value of the land. The s