https://www.taxtmi.com/caselaws?id=152668 Distribution of partnership property to a retiring partner in adjustment of his share does not amount to a transfer, sale, or exchange of firm assets. Where the partners' mutual rights are worked out by giving one partner the property and the other the money value of his share, the transaction remains an internal adjustment on retirement or dissolution. On that principle, handing over timber to a retiring partner in satisfaction of his share could not be treated as use of the goods for a purpose other than that declared, and no penalty was attracted under section 8(2) of the M.P. General Sales Tax Act, 1958. en-us Tue, 13 Mar 1979 00:00:00 +0530 Mon, 08 Jul 2013 17:40:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=152668 Distribution of partnership property to a retiring partner in adjustment of his share does not amount to a transfer, sale, or exchange of firm assets. Where the partners' mutual rights are worked out by giving one partner the property and the other the money value of his share, the transaction remains an internal adjustment on retirement or dissolution. On that principle, handing over timber to a retiring partner in satisfaction of his share could not be treated as use of the goods for a purpose other than that declared, and no penalty was attracted under section 8(2) of the M.P. General Sales Tax Act, 1958. Case-Laws VAT and Sales Tax Tue, 13 Mar 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=152668