https://www.taxtmi.com/caselaws?id=6234 Amounts received by a partner on dissolution, representing a share in distributed partnership assets, were treated as a distribution and adjustment of mutual rights rather than a sale, exchange or transfer of a capital asset. Capital gains under section 12B(1) of the Indian Income-tax Act, 1922 arise only on a qualifying sale, exchange or transfer; on these facts, the partner's receipt did not satisfy that requirement and was not taxable as capital gains. The cited authority on sale of estate assets was distinguished, and the partnership dissolution principle was that allotment of assets to one partner in satisfaction of his share is not a sale for price. en-us Thu, 21 Jan 1971 00:00:00 +0530 Mon, 16 Mar 2015 10:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6234 Amounts received by a partner on dissolution, representing a share in distributed partnership assets, were treated as a distribution and adjustment of mutual rights rather than a sale, exchange or transfer of a capital asset. Capital gains under section 12B(1) of the Indian Income-tax Act, 1922 arise only on a qualifying sale, exchange or transfer; on these facts, the partner's receipt did not satisfy that requirement and was not taxable as capital gains. The cited authority on sale of estate assets was distinguished, and the partnership dissolution principle was that allotment of assets to one partner in satisfaction of his share is not a sale for price. Case-Laws Income Tax Thu, 21 Jan 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6234