https://www.taxtmi.com/caselaws?id=798962 Revaluation surplus credited and received by a retiring partner is not exempt under Section 10(2A), which covers only the partner's share in the firm's total income. For the relevant assessment year, revaluation and distribution of enhanced asset value attracted Section 45(4), making the resulting capital gains taxable in the partnership firm rather than the retiring partner. The revaluation surplus was therefore not assessable in the partner's hands, and the addition was deleted. en-us Tue, 01 Sep 2026 00:00:00 +0530 Tue, 15 Sep 2026 08:31:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=798962 Revaluation surplus credited and received by a retiring partner is not exempt under Section 10(2A), which covers only the partner's share in the firm's total income. For the relevant assessment year, revaluation and distribution of enhanced asset value attracted Section 45(4), making the resulting capital gains taxable in the partnership firm rather than the retiring partner. The revaluation surplus was therefore not assessable in the partner's hands, and the addition was deleted. Case-Laws Income Tax Tue, 01 Sep 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=798962