September 2019

Sections 2(47) and 45(4) of ITA 1961 Capital gains Firm Retirement of partners Consequential allotment of their shares in assets in firm Not transfer of capital assets Provisions of section 45(4) not attracted No taxable capital gain arises

K.B.Bhujle
Advocate

40.  National Co. vs. ACIT; [2019] 415 ITR 5 (Mad.) Date of order: 8th April, 2019;A.Y.: 2004-05

 

Sections 2(47) and 45(4) of ITA 1961 Capital gains Firm Retirement of partners Consequential allotment of their shares in assets in firm Not transfer of capital assets Provisions of section 45(4) not attracted No taxable capital gain arises

 

The assessee was a partnership firm with four partners. Two of the partners agreed to retire from the partnership busines

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