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Former Partners Must Pay Capital Gains Tax on Firm's Net Assets Share u/s 45 of Income Tax Act.

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Full Text of the Document

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....Partnership firm - Nature of the Certain considerations received after the dissolution of the firm - The appellants as erstwhile partners are liable to pay capital gain on the amount received by them towards the value of their share in the net assets of the firm are liable for payment of capital gains u/s 45 - SC....

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