https://www.taxtmi.com/caselaws?id=215153 The Tribunal held that the retirement of the assessee from the partnership firm involved the relinquishment of her share in the partnership assets, constituting a transfer under section 2(47) of the IT Act. Therefore, the amount received was deemed liable to capital gains tax. Regarding the set off of short term capital loss, the Tribunal directed the Assessing Officer to consider the assessee's claim if the transaction was disclosed in the original return. The appeal was partly allowed, confirming the capital gains tax on the retirement amount and allowing consideration of the short term capital loss set off. en-us Fri, 25 May 2012 00:00:00 +0530 Wed, 13 Apr 2016 15:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215153 The Tribunal held that the retirement of the assessee from the partnership firm involved the relinquishment of her share in the partnership assets, constituting a transfer under section 2(47) of the IT Act. Therefore, the amount received was deemed liable to capital gains tax. Regarding the set off of short term capital loss, the Tribunal directed the Assessing Officer to consider the assessee's claim if the transaction was disclosed in the original return. The appeal was partly allowed, confirming the capital gains tax on the retirement amount and allowing consideration of the short term capital loss set off. Case-Laws Income Tax Fri, 25 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215153