https://www.taxtmi.com/caselaws?id=8300 The court ruled in favor of the assessee, holding that the amount received on the dissolution of the partnership should not be taxed as capital gain. The judgment emphasized that the distribution of assets in partnership dissolution scenarios, where assets are divided among partners without a sale to third parties, falls within the exception provided in section 47(ii) of the Income-tax Act, 1961. The court rejected the department's arguments, supported by legal precedents, and awarded costs to the assessee. en-us Wed, 24 Feb 1971 00:00:00 +0530 Thu, 09 Apr 2009 11:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8300 The court ruled in favor of the assessee, holding that the amount received on the dissolution of the partnership should not be taxed as capital gain. The judgment emphasized that the distribution of assets in partnership dissolution scenarios, where assets are divided among partners without a sale to third parties, falls within the exception provided in section 47(ii) of the Income-tax Act, 1961. The court rejected the department's arguments, supported by legal precedents, and awarded costs to the assessee. Case-Laws Income Tax Wed, 24 Feb 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8300