https://www.taxtmi.com/caselaws?id=25356 A partner's receipt on relinquishment of his share in a two-partner firm was treated as falling within section 47(ii) of the Income-tax Act, 1961 because the firm could not continue after one partner exited and the transaction amounted to dissolution. The agreed payment represented the value of the partner's share in the partnership, and an actual division or separate valuation of the firm's assets was not required for the exemption to apply. The receipt was therefore covered by the dissolution exception and exempt from capital gains tax. en-us Mon, 12 Jan 1987 00:00:00 +0530 Thu, 28 Jan 2010 11:14:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25356 A partner's receipt on relinquishment of his share in a two-partner firm was treated as falling within section 47(ii) of the Income-tax Act, 1961 because the firm could not continue after one partner exited and the transaction amounted to dissolution. The agreed payment represented the value of the partner's share in the partnership, and an actual division or separate valuation of the firm's assets was not required for the exemption to apply. The receipt was therefore covered by the dissolution exception and exempt from capital gains tax. Case-Laws Income Tax Mon, 12 Jan 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25356