https://www.taxtmi.com/caselaws?id=78357 The High Court held that the reconstitution of a partnership firm with the admission of new partners and retirement of old partners constitutes a transfer attracting capital gains tax under section 45(4) of the Income-tax Act. The court disagreed with the Income-tax Appellate Tribunal's reliance on outdated judgments and emphasized the importance of applying the amended provisions of section 45 to prevent revenue leakage through such transactions. The court upheld the tax liability on the firm for the capital gains arising from the reconstitution and transfer of assets. en-us Tue, 07 Jul 2009 00:00:00 +0530 Mon, 15 Nov 2010 10:10:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=78357 The High Court held that the reconstitution of a partnership firm with the admission of new partners and retirement of old partners constitutes a transfer attracting capital gains tax under section 45(4) of the Income-tax Act. The court disagreed with the Income-tax Appellate Tribunal's reliance on outdated judgments and emphasized the importance of applying the amended provisions of section 45 to prevent revenue leakage through such transactions. The court upheld the tax liability on the firm for the capital gains arising from the reconstitution and transfer of assets. Case-Laws Income Tax Tue, 07 Jul 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=78357