https://www.taxtmi.com/caselaws?id=12668 Section 45(4) applies only where capital assets are actually transferred by way of distribution on dissolution of a firm. Dissolution by operation of law, without any corresponding transfer of the firm's assets, is not enough to trigger capital gains tax because dissolution and transfer are distinct events. As no transfer occurred in the relevant year, no capital gains arose and the reference was answered in favour of the assessee. en-us Tue, 25 Sep 2001 00:00:00 +0530 Tue, 06 Jan 2026 22:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12668 Section 45(4) applies only where capital assets are actually transferred by way of distribution on dissolution of a firm. Dissolution by operation of law, without any corresponding transfer of the firm's assets, is not enough to trigger capital gains tax because dissolution and transfer are distinct events. As no transfer occurred in the relevant year, no capital gains arose and the reference was answered in favour of the assessee. Case-Laws Income Tax Tue, 25 Sep 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12668