https://www.taxtmi.com/caselaws?id=39413 A transfer of partnership machinery and other assets made as part of the dissolution settlement between partners was treated as an adjustment of rights on dissolution, not as a separate sale by the firm or by a retiring partner. On that factual basis, the profit alleged to arise from the transfer was held not to fall within section 10(2)(vii) of the Indian Income-tax Act, 1922. The legal effect was that no assessable profit arose from the dissolution-related adjustment, and such a transfer did not attract deemed profit taxation as a sale. en-us Thu, 28 Nov 1974 00:00:00 +0530 Fri, 16 Apr 2010 12:57:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39413 A transfer of partnership machinery and other assets made as part of the dissolution settlement between partners was treated as an adjustment of rights on dissolution, not as a separate sale by the firm or by a retiring partner. On that factual basis, the profit alleged to arise from the transfer was held not to fall within section 10(2)(vii) of the Indian Income-tax Act, 1922. The legal effect was that no assessable profit arose from the dissolution-related adjustment, and such a transfer did not attract deemed profit taxation as a sale. Case-Laws Income Tax Thu, 28 Nov 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39413