https://www.taxtmi.com/caselaws?id=120930 The Tribunal allowed the Department's appeal, applying Section 45(4) of the Income-tax Act and charging capital gains on the transfer of assets due to the dissolution of the partnership firm. The Tribunal rejected the assessee's argument that it was a reconstitution of the firm, emphasizing that the deeds indicated a clear dissolution and transfer of assets. Consequently, the Tribunal held that the case involved a discontinuation of the old firm and the commencement of a new partnership, restoring the Assessing Officer's order and dismissing the assessee's cross-objection. en-us Fri, 05 Oct 2007 00:00:00 +0530 Wed, 25 Jul 2012 14:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=120930 The Tribunal allowed the Department's appeal, applying Section 45(4) of the Income-tax Act and charging capital gains on the transfer of assets due to the dissolution of the partnership firm. The Tribunal rejected the assessee's argument that it was a reconstitution of the firm, emphasizing that the deeds indicated a clear dissolution and transfer of assets. Consequently, the Tribunal held that the case involved a discontinuation of the old firm and the commencement of a new partnership, restoring the Assessing Officer's order and dismissing the assessee's cross-objection. Case-Laws Income Tax Fri, 05 Oct 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=120930