Monetary Compensation to Retiring Partner Not a Capital Asset Transfer, No Tax u/s 45(4) of Income Tax Act.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....When a retiring partner takes only money towards the value of his share and when there is no distribution of capital asset/assets among the partners there is no transfer of a capital asset and consequently no profits or gains is payable u/s 45(4) - HC....