https://www.taxtmi.com/caselaws?id=65955 The Tribunal annulled the Commissioner's revisional order under section 263, finding the ITO's assessment to be correct and not prejudicial to revenue interests. The Tribunal held that the assessee's retirement from the partnership without a deed of assignment did not amount to a transfer under section 2(47) of the Income-tax Act, 1961. As a result, the amount received upon retirement was not subject to capital gains tax liability. The appeal was allowed, and the ITO's assessment order was upheld. en-us Tue, 20 Sep 1983 00:00:00 +0530 Sat, 19 Feb 2011 14:46:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65955 The Tribunal annulled the Commissioner's revisional order under section 263, finding the ITO's assessment to be correct and not prejudicial to revenue interests. The Tribunal held that the assessee's retirement from the partnership without a deed of assignment did not amount to a transfer under section 2(47) of the Income-tax Act, 1961. As a result, the amount received upon retirement was not subject to capital gains tax liability. The appeal was allowed, and the ITO's assessment order was upheld. Case-Laws Income Tax Tue, 20 Sep 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65955