https://www.taxtmi.com/caselaws?id=214417 The Supreme Court ruled in favor of the assessee, holding that the amount received on the dissolution of the partnership firm was not taxable as capital gains under Section 47(ii) of the Income Tax Act, 1961. The Court clarified that the realization of a partner's interest on dissolution is not a transfer but a realization of a pre-existing right, emphasizing that such distribution does not constitute a transfer under the Act's definition. The Court appreciated the amicus curiae's assistance and disposed of the reference with no order as to costs. en-us Fri, 15 Jun 2012 00:00:00 +0530 Fri, 29 Jun 2012 11:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214417 The Supreme Court ruled in favor of the assessee, holding that the amount received on the dissolution of the partnership firm was not taxable as capital gains under Section 47(ii) of the Income Tax Act, 1961. The Court clarified that the realization of a partner's interest on dissolution is not a transfer but a realization of a pre-existing right, emphasizing that such distribution does not constitute a transfer under the Act's definition. The Court appreciated the amicus curiae's assistance and disposed of the reference with no order as to costs. Case-Laws Income Tax Fri, 15 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214417