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2012 (6) TMI 716 - HC - Income TaxDistribution of assets on dissolution of partnership - taxability of sum received by a partner - Revenue contending accrual of capital gains - AY 78-79 - Held that:- Any amount paid to a partner as his share on dissolution of the partnership firm cannot be regarded as transfer not only in view of the clear mandate of Section 47(ii) but also because such receipt of amounts and/or property does not involve an element of transfer within the meaning of the definition of the word transfer in Section 2(47). See Prashant Joshi Vs. Income Tax Officer and anr (2010 (2) TMI 271 (HC)) - Decided in favor of assessee.
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