2000 (3) TMI 14

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....er section 271(1)(c) of the Income tax Act, 1961. The facts of the case are as follows: The assessee was a partner in the firm, VIP Enterprises. He retired from the firm as it was incurring heavy losses. The firm was carrying on business of distributing films. On his retirement, all the assets were valued including unexpired rights of distribution of films. At the time of retirement, the assesse....