COMMISSIONER OF INCOME TAX Vs. JAYALAKSHMAMMA

JUDGEMENT

(1.) AS the same question of law is involved in all these three appeals, they are taken up for consideration together and disposed of by this common order. The revenue has filed these appeals challenging the common order of the Tribunal.

(2.) THE respondents in all these three appeals are assessees. THEy entered into a partnership with nine others in the name and style of M/s Amalgamated Property Developers. Partnership came to be constituted on 01.04.1993. Each of the assessees contributed the land owned by them into the partnership firm as their contribution. After five months, i.e., on 31.08.1993 all the three assessees retired from the firm receiving certain amounts as their share in the interest of the firm. THE particulars of the book value of each of the assessees and the amount received by them at the time of retirement are as under : <IMG>JUDGEMENT_3939_ILR(KAR)_2010Image1.jpg</IMG>

(3.) THOUGH, three substantial questions of law are framed, in substance, the substantial question of law involved in this appeal is as under:-