https://www.taxtmi.com/caselaws?id=267024 The partnership firm treated income from the transfer of property on retirement of partners as long-term capital gain (LTCG). The Assessing Officer reclassified it as short-term capital gain (STCG), but the CIT(A) upheld the firm's treatment, allowing indexation of cost. The tribunal agreed that only 50% of the land was transferred, resulting in LTCG. The computation of capital gain was based on the disclosed area of land and property under transfer, with the tribunal affirming that it should be based on the 50% land retained by the firm. The tribunal dismissed the revenue's appeal, upholding the CIT(A)'s decision. en-us Wed, 16 Sep 2015 00:00:00 +0530 Thu, 29 Oct 2015 06:07:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=267024 The partnership firm treated income from the transfer of property on retirement of partners as long-term capital gain (LTCG). The Assessing Officer reclassified it as short-term capital gain (STCG), but the CIT(A) upheld the firm's treatment, allowing indexation of cost. The tribunal agreed that only 50% of the land was transferred, resulting in LTCG. The computation of capital gain was based on the disclosed area of land and property under transfer, with the tribunal affirming that it should be based on the 50% land retained by the firm. The tribunal dismissed the revenue's appeal, upholding the CIT(A)'s decision. Case-Laws Income Tax Wed, 16 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=267024