https://www.taxtmi.com/highlights?id=36995 Distribution of capital assets u/s 45(4) - partnership firm - crediting revaluation surplus to partners account settling their accounts on their retirement - It is the retiring partners who have been benefitted by receiving much more than actual capital contributed by them on account of revaluation. Thus there can be no case of tax avoidance by colorable device by the firm - AT en-us Mon, 27 Nov 2017 08:15:10 +0530 Mon, 27 Nov 2017 08:15:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=36995 Distribution of capital assets u/s 45(4) - partnership firm - crediting revaluation surplus to partners account settling their accounts on their retirement - It is the retiring partners who have been benefitted by receiving much more than actual capital contributed by them on account of revaluation. Thus there can be no case of tax avoidance by colorable device by the firm - AT Highlights Income Tax Mon, 27 Nov 2017 08:15:10 +0530 https://www.taxtmi.com/highlights?id=36995