Surplus arising to a partner from transaction of contribution of land held by it to a firm as capital contribution shall be taxable u/s 45

RELEVANT PARAGRAPH 16.48.1 There is no dispute to the position that the profits or gains or benefits arising to the assessee from said transaction in question has been assessed under the head “business” by the AO in the light of the view that stock in trade was sold or transferred by the assessee company to a firm at an appreciated price. It was the claim of the assessee itself that the stock in trade held by it was contributed to a firm in which the assessee became a partner, and in the light of the stand so taken by the assessee, the AO brought the surplus to tax under the head &...