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2015 (12) TMI 1174 - AT - Income TaxTaxability of amount received on retirement from partnership firm - whether taxable under the head “Capital Gains” on the mistaken belief that “retirement from partnership” amounts to “transfer” within the meaning of section 2(47)? - Held that:- The amount received by assessee on retirement from partnership firm is not taxable under the head ‘capital gains’. See Riyaz A. Sheikh [2013 (12) TMI 248 - BOMBAY HIGH COURT] wherein held Amounts received on retirement by a partner is not subject to capital gains tax - Decided against Revenue.
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