https://www.taxtmi.com/caselaws?id=57557 Partners of a dissolved firm who sold the business as a going concern were taxed on capital gains in their individual hands, because their rights in the net partnership assets had crystallised and the sale involved transfer of each partner's own interest rather than a transaction by an Association of Persons. The outgoing partners' relinquishment of rights for consideration amounted to a transfer of a capital asset, including extinguishment of partnership rights, and the plea that it was only dissolution or retirement failed. Profit attributable to the broken period was treated as revenue income, and interest under section 234B was upheld. en-us Mon, 31 Jul 2000 00:00:00 +0530 Wed, 19 Oct 2016 14:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57557 Partners of a dissolved firm who sold the business as a going concern were taxed on capital gains in their individual hands, because their rights in the net partnership assets had crystallised and the sale involved transfer of each partner's own interest rather than a transaction by an Association of Persons. The outgoing partners' relinquishment of rights for consideration amounted to a transfer of a capital asset, including extinguishment of partnership rights, and the plea that it was only dissolution or retirement failed. Profit attributable to the broken period was treated as revenue income, and interest under section 234B was upheld. Case-Laws Income Tax Mon, 31 Jul 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57557