https://www.taxtmi.com/caselaws?id=19425 The Tribunal ruled in favor of the assessee in the case involving White Field Industrial Corporation. The Tribunal held that the Rs. 2 lakhs received by the assessee upon retirement was not a transfer liable to tax under section 263 of the Income-tax Act. It was established that the withdrawal of an amount by a retiring partner does not constitute a transfer of a capital asset to existing partners under section 2(47) of the Act. This clarification provides insights into the interpretation of section 263 and the definition of transfer of interest in partnership scenarios. en-us Wed, 09 Sep 1992 00:00:00 +0530 Fri, 06 Nov 2009 11:16:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19425 The Tribunal ruled in favor of the assessee in the case involving White Field Industrial Corporation. The Tribunal held that the Rs. 2 lakhs received by the assessee upon retirement was not a transfer liable to tax under section 263 of the Income-tax Act. It was established that the withdrawal of an amount by a retiring partner does not constitute a transfer of a capital asset to existing partners under section 2(47) of the Act. This clarification provides insights into the interpretation of section 263 and the definition of transfer of interest in partnership scenarios. Case-Laws Income Tax Wed, 09 Sep 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19425