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ITAT dismissed the Revenue's appeal, holding that the immovable properties were "transferred" within the meaning of s. 2(47)(vi) of the Act. The tribunal accepted the appellate authority's finding that the retired partner enjoyed and used the properties for business purposes post-retirement and received the entire sale consideration, establishing beneficial ownership despite registration remaining in the assessee's records. Consequently, capital gains arising from the transfer are assessable in the hands of the retired partner, not the assessee, and the absence of a return disclosing the gain by the retired partner does not justify taxing the assessee. Appeal of the Revenue rejected.
ITAT dismissed the Revenue's appeal, holding that the immovable properties were "transferred" within the meaning of s. 2(47)(vi) of the Act. The tribunal accepted the appellate authority's finding that the retired partner enjoyed and used the properties for business purposes post-retirement and received the entire sale consideration, establishing beneficial ownership despite registration remaining in the assessee's records. Consequently, capital gains arising from the transfer are assessable in the hands of the retired partner, not the assessee, and the absence of a return disclosing the gain by the retired partner does not justify taxing the assessee. Appeal of the Revenue rejected.
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