https://www.taxtmi.com/caselaws?id=40274 SC dismissed the revenue's appeal, upholding HC's view that amounts received by an assessee on retirement from partnership firms, representing the retiring partner's share in net partnership assets after deduction of liabilities and prior charges, do not constitute a "transfer" within the meaning of section 2(47) of the Income-tax Act. Consequently, no capital gains arise on such retirement receipts. SC reaffirmed that retirement accompanied by settlement of the partner's share does not involve transfer of any interest in partnership assets to continuing partners, and the assessment to capital gains was unsustainable. en-us Wed, 15 Jan 1997 00:00:00 +0530 Sun, 14 Dec 2025 23:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=40274 SC dismissed the revenue's appeal, upholding HC's view that amounts received by an assessee on retirement from partnership firms, representing the retiring partner's share in net partnership assets after deduction of liabilities and prior charges, do not constitute a "transfer" within the meaning of section 2(47) of the Income-tax Act. Consequently, no capital gains arise on such retirement receipts. SC reaffirmed that retirement accompanied by settlement of the partner's share does not involve transfer of any interest in partnership assets to continuing partners, and the assessment to capital gains was unsustainable. Case-Laws Income Tax Wed, 15 Jan 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=40274