https://www.taxtmi.com/caselaws?id=10928 The court held that the transaction between partners involving the takeover of assets during the dissolution of the partnership did not constitute a 'transfer' for capital gains tax purposes. The court affirmed the Tribunal's decision that no liability to capital gains tax arose, as the transaction fell under the exclusion provided in section 47 of the Income-tax Act. Consequently, the court ruled in favor of the assessee, concluding that no capital gains accrued from the dissolution of the partnership, and upheld the Tribunal's decision to delete the income from capital gains added by the Income-tax Officer. en-us Thu, 12 Aug 2004 00:00:00 +0530 Mon, 27 Jul 2009 19:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10928 The court held that the transaction between partners involving the takeover of assets during the dissolution of the partnership did not constitute a 'transfer' for capital gains tax purposes. The court affirmed the Tribunal's decision that no liability to capital gains tax arose, as the transaction fell under the exclusion provided in section 47 of the Income-tax Act. Consequently, the court ruled in favor of the assessee, concluding that no capital gains accrued from the dissolution of the partnership, and upheld the Tribunal's decision to delete the income from capital gains added by the Income-tax Officer. Case-Laws Income Tax Thu, 12 Aug 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10928