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Allotment of share in assets to retiring partner doesn't amount to transfer for capital gain purpose

April 16, 2019[2019] 105 255 (Madras)/[2019] 263 Taxman 511 (Madras)/[2019] 415 ITR 5 (Madras)

IT : On retirement, allotment to retiring partner of his share in assets of partnership firm after deduction of liabilities is not transfer within meaning of section 2(47) so as to assess capital gains under section 45(4)
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