https://www.taxtmi.com/caselaws?id=69145 The Tribunal upheld the decision of the CIT(A) that the partner cannot claim a deduction under section 48(2) of the Income-tax Act for long term capital gains already allowed at the firm level. The Tribunal clarified that the deduction is only permitted once during the computation of capital gains from the transfer of a long-term capital asset. Therefore, the partner's appeal was dismissed, affirming that the deduction cannot be claimed again at the partner level after being allowed at the firm level. en-us Wed, 13 Dec 2000 00:00:00 +0530 Tue, 05 Apr 2011 14:03:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69145 The Tribunal upheld the decision of the CIT(A) that the partner cannot claim a deduction under section 48(2) of the Income-tax Act for long term capital gains already allowed at the firm level. The Tribunal clarified that the deduction is only permitted once during the computation of capital gains from the transfer of a long-term capital asset. Therefore, the partner's appeal was dismissed, affirming that the deduction cannot be claimed again at the partner level after being allowed at the firm level. Case-Laws Income Tax Wed, 13 Dec 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69145