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[2008] 174 Taxman 102 (SC)/[2009] 309 ITR 338 (SC)/[2008] 220 CTR 538 (SC) [2008] 174 TAXMAN 102 (SC) SUPREME COURT OF INDIA Commissioner of Income-tax *, Gujarat v. Well Pack Packaging ASHOK BHAN AND DALVEER BHANDARI, JJ. CIVIL APPEAL NO. 8569 OF 2002â-  MAY 6, 2008 Section 2(47), read with section 45, of the Income-tax Act, 1961 - Capital gains - Transfer - Assessment year 1995-96 - Assessee-firm had enhanced value of depreciable assets by revaluation and thereafter, it was converted into a company under Chapter IX of Companies Act, 1956 - Assessing Officer held that capital gain had arisen on transfer of assets from partnership firm to company and made addition accordingly - On appeal, Tribunal deleted addition holding that revaluation of assets of assessee-firm and subsequent conversion of firm into limited company, which had taken over such assets at enhanced value, would not result into any capital gain liability under Act - High Court dismissed appeal of revenue holding that no question of law, much less substantial question of law arose out of order of Tribunal - Whether questions of law raised by revenue before High Court were substantial questions of law which arose from order of Tribunal - Held, yes - Whether, therefore, impugned order of High Court was to be set aside and High Court was to be directed to record its finding on those questions - Held, yes [Matter remitted back] CASE REVIEW Decision of Gujarat High Court in CIT v. Well Pack Packaging [IT Appeal No. 368 of 2001] set aside. ORDER 1. Delay condoned. 2. Revenue has filed this appeal. By the impugned order, the High Court has dismissed Tax Appeal No. 368 of 2001 filed by the revenue, by observing that no question of law much less substantial question of law arises from the order of the Income-tax Appellate Tribunal ('the Tribunal') passed on 22-5-2001. 3. The respondent-assessee was a partnership firm. On 30-8-1995, it filed its original return of income in respect of assessment year 1995-96 declaring total income of Rs. 1,93,930. The said return was processed under section 143(1)(a) of the Income-tax Act, 1961 ('the Act') on 29-1-1996. Subsequently, the Assessing Officer noticed that…

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