IT: Where retiring partner took cash towards value of his share in partnership firm and there was no distribution of capital assets among partners, there was no transfer of capital asset and, therefore, no profits or gains chargeable to tax under section 45(4) arose in hands of assessee-firm

IT: Where retiring partner took cash towards value of his share in partnership firm and there was no distribution of capital assets among partners, there was no transfer of capital asset and, therefore, no profits or gains chargeable to tax under section 45(4) arose in hands of assessee-firm

[2013] 40 taxmann.com 318 (Karnataka) (FB)

HIGH COURT OF KARNATAKA (FULL BENCH)

Commissioner of Income-tax

v.

Dynamic Enterprises*