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Gain on sale of immovable property brought by partner as capital contribution taxable in hands of firm only

December 15, 2018[2019] 101 18 (Karnataka)/[2019] 260 Taxman 288 (Karnataka)

IT: Where two partners of assessee-firm had contributed a property to assessee-firm and, later on, said partners had retired from firm and relinquished all rights and interest in property in favour of continuing partners, capital gains on sale of said property was to be taxed in hands of assessee-firm and not in hands of retired partners

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