https://www.taxtmi.com/caselaws?id=374117 The High Court affirmed that the distribution of assets to retiring partners by a partnership firm, involving the transfer of long-term capital assets, should be treated as long-term capital gains. The court agreed with the Commissioner of Income Tax and Tribunal's decision, emphasizing that the firm retained ownership of a portion of the land after distribution, indicating a transfer of rights rather than acquisition. Consequently, the court dismissed the appeal and upheld the treatment of the distribution as long-term capital gains. en-us Wed, 23 Jan 2019 00:00:00 +0530 Fri, 25 Jan 2019 09:15:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=374117 The High Court affirmed that the distribution of assets to retiring partners by a partnership firm, involving the transfer of long-term capital assets, should be treated as long-term capital gains. The court agreed with the Commissioner of Income Tax and Tribunal's decision, emphasizing that the firm retained ownership of a portion of the land after distribution, indicating a transfer of rights rather than acquisition. Consequently, the court dismissed the appeal and upheld the treatment of the distribution as long-term capital gains. Case-Laws Income Tax Wed, 23 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=374117