https://www.taxtmi.com/caselaws?id=116946 The Appellate Tribunal ruled in favor of the assessee, holding that the amount credited in the capital account of the retired partner upon revaluation of assets of the firm was not taxable as capital gain. The Tribunal emphasized that upon retirement, there is no transfer of interest in the partnership assets by the retired partner to the continuing partners, citing relevant legal precedents. The appeal of the Revenue was dismissed, and the decision of the CIT(A) to delete the addition of the amount as capital gains was upheld. en-us Mon, 30 Jun 2003 00:00:00 +0530 Tue, 19 Jun 2012 11:03:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=116946 The Appellate Tribunal ruled in favor of the assessee, holding that the amount credited in the capital account of the retired partner upon revaluation of assets of the firm was not taxable as capital gain. The Tribunal emphasized that upon retirement, there is no transfer of interest in the partnership assets by the retired partner to the continuing partners, citing relevant legal precedents. The appeal of the Revenue was dismissed, and the decision of the CIT(A) to delete the addition of the amount as capital gains was upheld. Case-Laws Income Tax Mon, 30 Jun 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=116946