https://www.taxtmi.com/caselaws?id=293383 The Tribunal held that Section 45(4) of the Income Tax Act was not applicable as there was no actual transfer of assets in the reconstitution and retirement of partners in a partnership firm. The reliance on the overruled judgment of Gurunath Talkies by the Assessing Officer was deemed incorrect, leading to the dismissal of the Revenue's appeal. The Tribunal upheld the CIT (Appeals)'s order, which deleted the addition made by the AO under Section 45(4), and dismissed the cross-objection filed by the assessee as infructuous. en-us Tue, 04 Feb 2020 00:00:00 +0530 Tue, 09 Feb 2021 09:41:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=293383 The Tribunal held that Section 45(4) of the Income Tax Act was not applicable as there was no actual transfer of assets in the reconstitution and retirement of partners in a partnership firm. The reliance on the overruled judgment of Gurunath Talkies by the Assessing Officer was deemed incorrect, leading to the dismissal of the Revenue's appeal. The Tribunal upheld the CIT (Appeals)'s order, which deleted the addition made by the AO under Section 45(4), and dismissed the cross-objection filed by the assessee as infructuous. Case-Laws Income Tax Tue, 04 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=293383