https://www.taxtmi.com/caselaws?id=362496 The High Court partly allowed the appeal, upholding the Commissioner of Income Tax's invocation of Section 263 due to the erroneous order prejudicial to revenue. The court recognized the assessee's right to claim long-term capital gains exemption for the pre-existing share received on dissolution but held that the share released by the other partner constituted a transfer, subject to short-term capital gains if sold within 36 months. The matter was remanded to the Tribunal for further determination of valuations and classifications of capital gains based on the dissolution deed and share release. en-us Tue, 12 Jun 2018 00:00:00 +0530 Tue, 18 Sep 2018 17:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=362496 The High Court partly allowed the appeal, upholding the Commissioner of Income Tax's invocation of Section 263 due to the erroneous order prejudicial to revenue. The court recognized the assessee's right to claim long-term capital gains exemption for the pre-existing share received on dissolution but held that the share released by the other partner constituted a transfer, subject to short-term capital gains if sold within 36 months. The matter was remanded to the Tribunal for further determination of valuations and classifications of capital gains based on the dissolution deed and share release. Case-Laws Income Tax Tue, 12 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=362496