https://www.taxtmi.com/caselaws?id=280020 The case involved determining whether the revaluation of land by a partnership firm and subsequent payment to retiring partners constituted capital gains under the Income Tax Act. The Third Member agreed with the Judicial Member's view that there was no transfer of capital assets as the partnership continued to exist, and retiring partners received only cash equivalent to their share of the revaluation surplus. Therefore, it was concluded that no capital gains arose under section 45(4) of the Income Tax Act. The decision favored the assessee. en-us Thu, 10 Jan 2019 00:00:00 +0530 Wed, 17 Apr 2019 10:45:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=280020 The case involved determining whether the revaluation of land by a partnership firm and subsequent payment to retiring partners constituted capital gains under the Income Tax Act. The Third Member agreed with the Judicial Member's view that there was no transfer of capital assets as the partnership continued to exist, and retiring partners received only cash equivalent to their share of the revaluation surplus. Therefore, it was concluded that no capital gains arose under section 45(4) of the Income Tax Act. The decision favored the assessee. Case-Laws Income Tax Thu, 10 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=280020