Supreme Court Rules Revaluation of Assets in Partnership Reconstitution is a "Transfer" Under Income Tax Act Section 45(4. https://www.taxtmi.com/highlights?id=66787 Capital gain - transfer - revaluation of assets - partnership firm - retirement of one partner and reconstitution of firm with new partners - applicability of Section 45(4) - the assets so revalued and the credit into the capital accounts of the respective partners can be said to be “transfer” and which fall in the category of “OTHERWISE” and therefore, the provision of Section 45(4) inserted by Finance Act, 1987 w.e.f. 01.04.1988 shall be applicable. - SC en-us Sat, 26 Nov 2022 12:28:28 +0530 Sat, 26 Nov 2022 12:28:28 +0530 TaxTMI RSS Generator Supreme Court Rules Revaluation of Assets in Partnership Reconstitution is a "Transfer" Under Income Tax Act Section 45(4. https://www.taxtmi.com/highlights?id=66787 Capital gain - transfer - revaluation of assets - partnership firm - retirement of one partner and reconstitution of firm with new partners - applicability of Section 45(4) - the assets so revalued and the credit into the capital accounts of the respective partners can be said to be “transfer” and which fall in the category of “OTHERWISE” and therefore, the provision of Section 45(4) inserted by Finance Act, 1987 w.e.f. 01.04.1988 shall be applicable. - SC Highlights Income Tax Sat, 26 Nov 2022 12:28:28 +0530 https://www.taxtmi.com/highlights?id=66787