https://www.taxtmi.com/caselaws?id=17411 The High Court affirmed the Tribunal's decision regarding the deletion of assessed capital gains in the case. It held that the amount received by the assessees upon dissolution of the partnership firm was not taxable as capital gains but as a distribution of assets, exempt under section 47(ii) of the Income-tax Act, 1961. The Court found no transfer under section 2(47) of the Act, distinguishing a previous case relied upon by the Department. Consequently, no capital gains tax was chargeable, and the Court ruled in favor of the assessees, upholding the Tribunal's decision. en-us Tue, 08 Oct 1996 00:00:00 +0530 Tue, 22 Sep 2009 12:31:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17411 The High Court affirmed the Tribunal's decision regarding the deletion of assessed capital gains in the case. It held that the amount received by the assessees upon dissolution of the partnership firm was not taxable as capital gains but as a distribution of assets, exempt under section 47(ii) of the Income-tax Act, 1961. The Court found no transfer under section 2(47) of the Act, distinguishing a previous case relied upon by the Department. Consequently, no capital gains tax was chargeable, and the Court ruled in favor of the assessees, upholding the Tribunal's decision. Case-Laws Income Tax Tue, 08 Oct 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17411