https://www.taxtmi.com/caselaws?id=69457 The Tribunal allowed the Revenue's appeal, determining that the firm was dissolved on 31st March 2002, requiring the valuation of work-in-progress at market value. Additionally, it held that capital gain was exigible to tax under Section 45(4) of the Income Tax Act, 1961, as assets were distributed among partners on dissolution, resulting in tax liability for the year in question. en-us Fri, 08 Feb 2008 00:00:00 +0530 Wed, 12 Jun 2013 12:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69457 The Tribunal allowed the Revenue's appeal, determining that the firm was dissolved on 31st March 2002, requiring the valuation of work-in-progress at market value. Additionally, it held that capital gain was exigible to tax under Section 45(4) of the Income Tax Act, 1961, as assets were distributed among partners on dissolution, resulting in tax liability for the year in question. Case-Laws Income Tax Fri, 08 Feb 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69457