https://www.taxtmi.com/caselaws?id=263653 The Tribunal upheld the decision that the transfer of assets to the retiring partner was taxable under Section 45(4) of the Income Tax Act, despite the Assessee's arguments. The appeal was dismissed, affirming the orders of the CIT(A) and AO. The judgment clarified that Section 45(4) applies even in cases of firm reconstitution and asset transfers to retiring partners, aiming to prevent loopholes in capital gains taxation. en-us Fri, 12 Jun 2015 00:00:00 +0530 Tue, 08 Sep 2015 10:27:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=263653 The Tribunal upheld the decision that the transfer of assets to the retiring partner was taxable under Section 45(4) of the Income Tax Act, despite the Assessee's arguments. The appeal was dismissed, affirming the orders of the CIT(A) and AO. The judgment clarified that Section 45(4) applies even in cases of firm reconstitution and asset transfers to retiring partners, aiming to prevent loopholes in capital gains taxation. Case-Laws Income Tax Fri, 12 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=263653