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Land Valuation in Partnership: Section 45(3) Applies, but Excessive Payment Rule in Section 40A(2)(a) Also Relevant.

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....Valuation of land acquired from the partners in the partnership firm - provisions of sec. 45(3) are applicable in the hands of partners - but the same does not bar application of sec. 40A(2)(a) of the Act. - AT....

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Land Valuation in Partnership: Section 45(3) Applies, but Excessive Payment Rule in Section 40A(2)(a) Also Relevant.