https://www.taxtmi.com/caselaws?id=377776 The High Court dismissed the Income Tax Appeal, concluding that there was no transfer of capital asset in the case involving retirement and reconstitution of partners. Section 45(4) of the Income Tax Act, 1961 was found not applicable as no transfer of capital asset occurred upon redistribution of partnership assets. The Court distinguished the case from previous judgments, emphasizing that the retiring partners received cash and not a capital asset, leading to the absence of profit or gain chargeable to tax. en-us Tue, 26 Mar 2019 00:00:00 +0530 Tue, 02 Apr 2019 11:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=377776 The High Court dismissed the Income Tax Appeal, concluding that there was no transfer of capital asset in the case involving retirement and reconstitution of partners. Section 45(4) of the Income Tax Act, 1961 was found not applicable as no transfer of capital asset occurred upon redistribution of partnership assets. The Court distinguished the case from previous judgments, emphasizing that the retiring partners received cash and not a capital asset, leading to the absence of profit or gain chargeable to tax. Case-Laws Income Tax Tue, 26 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=377776