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As no fiction is created regarding accrual of profits, section 45(3) falls short to create charge on transfer of capital asset by the partner to the firm by way of capital contribution. The lacuna which is present in sub-section(3) of section 45 is also present in sub-sections (1A), (2), (3), (4) , wherein legislature has sought to create charge in respect of those instances wherein there is no accrual of real profit or gain in commercial sense. But the provisions are not adequate to create charge in respect of transactions dealt with by them. Therefore, even in these cases one may argue that applying the above analysis, the charge fails.
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