https://www.taxtmi.com/caselaws?id=37983 A retiring partner's later assignment and release of his interest in partnership assets, goodwill and immovable properties in favour of the continuing partners constitutes a transfer attracting capital gains tax. The firm was treated as continuing business after retirement, not as having been dissolved, but the taxable event arose only when the assignment instrument was executed. As that document was executed on 9 March 1961 and not during the relevant previous year for assessment year 1960-61, the receipt did not attract capital gains tax in that year. The referred question was answered in the negative, against the revenue. en-us Thu, 03 Nov 1977 00:00:00 +0530 Fri, 02 Apr 2010 14:02:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37983 A retiring partner's later assignment and release of his interest in partnership assets, goodwill and immovable properties in favour of the continuing partners constitutes a transfer attracting capital gains tax. The firm was treated as continuing business after retirement, not as having been dissolved, but the taxable event arose only when the assignment instrument was executed. As that document was executed on 9 March 1961 and not during the relevant previous year for assessment year 1960-61, the receipt did not attract capital gains tax in that year. The referred question was answered in the negative, against the revenue. Case-Laws Income Tax Thu, 03 Nov 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37983