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2010 (9) TMI 746 - AT - Income TaxRetirement from partnership firm - transfer u/s 2(47) - whether any part of the sum received by the assessee on retirement from the firm gave rise to capital gain chargeable to tax under the Act - Held that:- the clauses in the retirement deed do convey interest in immovable property and further refers to the fact that the assessee will not have any interest over the assets of the firm. Thus it was a case of lump sum payment in consideration of the retiring partner assigning or relinquishing his share or right in the partnership and its assets in favour of the continuing partners. - There was a transfer of interest of the retiring partner over the assets of the partnership on retirement. Therefore there was liability to tax on account of capital gain.
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