https://www.taxtmi.com/caselaws?id=203723 The Tribunal upheld the CIT(A)'s decision to sustain short-term capital gains on assets transferred to retiring partners under Section 45(4), disallowing 2% of labor charges claimed by the appellant, and allowing the deduction for software development expenses. The Tribunal rejected the argument that stock-in-trade should be excluded from capital assets in retirement cases, finding the 2% disallowance of labor charges reasonable, and recognizing software development expenses as deductible business expenditure. en-us Fri, 07 Jan 2011 00:00:00 +0530 Tue, 04 Aug 2026 15:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=203723 The Tribunal upheld the CIT(A)'s decision to sustain short-term capital gains on assets transferred to retiring partners under Section 45(4), disallowing 2% of labor charges claimed by the appellant, and allowing the deduction for software development expenses. The Tribunal rejected the argument that stock-in-trade should be excluded from capital assets in retirement cases, finding the 2% disallowance of labor charges reasonable, and recognizing software development expenses as deductible business expenditure. Case-Laws Income Tax Fri, 07 Jan 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=203723