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2015 (12) TMI 1281 - AT - Income TaxTreatment to payment made to retiring partners as transfer of capital assets by way of distribution & brining the same to tax as short-term-capital gains in the hands of assessee firm - Held that:- We hold that there is no transfer of capital asset by way of distribution of capital asset at the time of making the payments to the retiring partners and therefore, no capital gain is chargeable to tax in hands of the assessee firm. Accordingly, order of the CIT(A) is set aside and addition made stands deleted. See COMMISSIONER OF INCOME-TAX AND ANOTHER Versus GURUNATH TALKIES [2009 (7) TMI 738 - KARNATAKA HIGH COURT ] - Decided in favour of assessee.
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