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Applicability of section 28(iv) of IT Act qua increase in capital of partners due to revaluation of assets of their firm
Case Law Details
- Case Name
- DCIT Vs Manish M. Chheda (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 1999- 2000
- Courts
- ITAT Mumbai
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RELEVANT PARAGRAPHS:
16. On the issue of applicability of section 28(iv) of the Act, we are however of the view that the same arises for consideration on the grounds raised in cross objection and accordingly, we proceed to adjudicate the same. We are of the view that provisions of section 28(iv) would not be attracted to a case of increase in capital of partners of a firm pursuant to revaluation of the assets of the firm. Under section 28 of the Act, the following income shall be chargeable to income tax under the head `profits and gains of business or profession:
(i) The prof...
