https://www.taxtmi.com/caselaws?id=181598 The High Court of Kerala ruled that the amount received by the assessees for retirement from the partnership firm did not attract capital gains. The court held that the retirement of a partner does not constitute a transfer under the Income Tax Act, thus capital gains assessment does not apply. This decision was applied to related appeals involving partners from the same firm, leading to the dismissal of the revenue's appeals. en-us Thu, 28 Oct 2010 00:00:00 +0530 Wed, 20 Apr 2016 14:57:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181598 The High Court of Kerala ruled that the amount received by the assessees for retirement from the partnership firm did not attract capital gains. The court held that the retirement of a partner does not constitute a transfer under the Income Tax Act, thus capital gains assessment does not apply. This decision was applied to related appeals involving partners from the same firm, leading to the dismissal of the revenue's appeals. Case-Laws Income Tax Thu, 28 Oct 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181598