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High Court: Section 45(4) of Income Tax Act doesn't apply to partners' retirement and asset share in firm dissolution.

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Full Text of the Document

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....Capital gain u/s 45(4) in partnership firm on retirement of a partner - dissolution/reconstitution of partnership firm - the provisions of Section 45(4) would not be attracted on the retirement of the two partners and consequential allotment of their share in the assets in the Assessee Firm - HC....

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