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1987 (1) TMI 28 - HC - Income TaxExtract: .......rtners. Two partners retired and the others continued the partnership. In those circumstances, it was held that the retiring partners had received monetary consideration in lieu of relinquishment of their rights in the partnership and the provisions of section 47(ii) of the Income-tax Act, 1961, did not apply. Rule discharged. No order as to costs.
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