https://www.taxtmi.com/caselaws?id=71860 A retirement deed that expressly recorded assignment and relinquishment of all rights in partnership assets in favour of continuing partners for lump sum consideration was treated as a transfer within the capital gains provisions. On those facts, the amount received on retirement was held taxable as long-term capital gains. Authorities dealing with a simple valuation-based retirement as mere realisation of pre-existing rights were distinguished because the decisive factor was the specific mode of retirement and the contractual extinguishment of rights. en-us Thu, 28 Aug 2003 00:00:00 +0530 Mon, 12 Aug 2024 15:18:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71860 A retirement deed that expressly recorded assignment and relinquishment of all rights in partnership assets in favour of continuing partners for lump sum consideration was treated as a transfer within the capital gains provisions. On those facts, the amount received on retirement was held taxable as long-term capital gains. Authorities dealing with a simple valuation-based retirement as mere realisation of pre-existing rights were distinguished because the decisive factor was the specific mode of retirement and the contractual extinguishment of rights. Case-Laws Income Tax Thu, 28 Aug 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71860