Food import sampling requirements support provisional release where unseized consignments conform to standards and raw areca classification is unestab...
Diagnostic microcuvette classification follows sole-use analytical function, placing specialised disposable cuvettes with their analyser rather than g...
Customs Broker licensing proceedings fail when their offence-report foundation collapses and authorisation, advisory, and KYC duties remain unbreached...
Tariff classification of Digital Axle Counters affirmed as electro-mechanical railway signalling equipment, eliminating duty, confiscation and penalty...
Revaluation surplus credited to a retiring partner following revaluation of partnership land does not constitute the partner's share in the firm's total income and is not exempt under section 10(2A). For the relevant assessment year, distribution of the enhanced value of partnership assets attracted section 45(4), under which the resulting capital gains were taxable in the firm's hands rather than in the retiring partner's hands. The post-1 April 2021 substituted provisions did not apply. Accordingly, the addition of the revaluation surplus in the retiring partner's assessment was deleted, although the exemption claim was rejected.
Revaluation surplus credited to a retiring partner following revaluation of partnership land does not constitute the partner's share in the firm's total income and is not exempt under section 10(2A). For the relevant assessment year, distribution of the enhanced value of partnership assets attracted section 45(4), under which the resulting capital gains were taxable in the firm's hands rather than in the retiring partner's hands. The post-1 April 2021 substituted provisions did not apply. Accordingly, the addition of the revaluation surplus in the retiring partner's assessment was deleted, although the exemption claim was rejected.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4888 
