https://www.taxtmi.com/caselaws?id=71275 The court held that the land belonged to the firm as it was purchased using firm funds and used for business purposes. Section 45(4) of the Income-tax Act applied to the distribution of land during the firm's dissolution. Only 62% of the land's value was considered for capital gains due to retired partners' shares. The valuation of the land was set at Rs. 39 lakh as of the dissolution date. The judgment favored the Department on ownership and valuation issues but partially allowed the assessee's appeal on capital gains calculation. en-us Fri, 07 Oct 2005 00:00:00 +0530 Fri, 22 Apr 2011 12:34:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71275 The court held that the land belonged to the firm as it was purchased using firm funds and used for business purposes. Section 45(4) of the Income-tax Act applied to the distribution of land during the firm's dissolution. Only 62% of the land's value was considered for capital gains due to retired partners' shares. The valuation of the land was set at Rs. 39 lakh as of the dissolution date. The judgment favored the Department on ownership and valuation issues but partially allowed the assessee's appeal on capital gains calculation. Case-Laws Income Tax Fri, 07 Oct 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71275