Contribution of land as capital by a partner to a partnership firm: Section 45(3) vs Section 50C

CASE: Acit vs. Amartara Pvt Ltd, Mumbai ITAT Outcome: Assessee Facts The Assessee had transferred its land to a partnership firm in which the Assessee was one of the partners.The plot was transferred as capital contribution on part of the Assessee. The consideration for the same was stated to be Rs.5 crores. The Assessee had claimed index cost of acquisition at Rs.9.49 crores thus showing … Continue reading Contribution of land as capital by a partner to a partnership firm: Section 45(3) vs Section 50C