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2003 (6) TMI 433 - ITAT MUMBAI
Extract:
.......terest in the partnership assets by the retired partner to the continu-ing partners and the amount received by the retiring partner is not capital gain under section 45 of the Income-tax Act, 1961. In this view of the matter, we do not find any substance in the appeal of the Revenue which we hereby reject. 7. In the result, the appeal is dismissed.