https://www.taxtmi.com/caselaws?id=239554 The court held that when a retiring partner receives only money without the distribution of capital assets, there is no transfer of a capital asset, and thus no capital gains tax liability under Section 45(4) of the Income Tax Act. The liability of the retiring partner to pay capital gains tax was deemed irrelevant in this case. The court ruled in favor of the assessee, dismissing the appeal and not awarding any costs. en-us Mon, 16 Sep 2013 00:00:00 +0530 Fri, 06 Dec 2013 18:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=239554 The court held that when a retiring partner receives only money without the distribution of capital assets, there is no transfer of a capital asset, and thus no capital gains tax liability under Section 45(4) of the Income Tax Act. The liability of the retiring partner to pay capital gains tax was deemed irrelevant in this case. The court ruled in favor of the assessee, dismissing the appeal and not awarding any costs. Case-Laws Income Tax Mon, 16 Sep 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=239554