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2001 (12) TMI 20 - DELHI HIGH COURTCapital Gains, Firm, Retirement Of Partner - "1. Whether on a proper construction of the deed of dissolution it could be held that it was a case of retirement of the partner and not of the dissolution of the firm? - 2. Whether, on the facts and in the circumstances of the case and in law the excess of Rs.3,62,631 received by the partner on the dissolution of the firm could be subject to assessment as income under the head 'Capital gain'?" - there cannot be any doubt whatsoever that whether it is held to be a case of dissolution of the partnership or as a retirement, having regard to the provisions contained in section 47(ii) of the Act as it stood prior to 1988, the assessee was entitled only to the assets, he derived from the partnership firm and not the excess amount. Thus, the aforementioned questions are answered in favour of the Revenue.
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