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2017 (7) TMI 1177 - HC - Income TaxCapital gain on revaluation of partnership - Tax the consideration received by assessee as partner of the two firms upon reevaluation and distribution of the partnership assets as short-term capital gain - Held that:- CIT (Appeals) in a detailed judgement, reversed the order of the Assessing Officer holding that if at all the transaction was held to be sham, the additions can be made in the case of the firm and not the partners. The Commissioner (Appeals) also noted that in case of one of the partnership firms, the Assessing Officer had made such addition. In other words, now to tax the partner also would amount to double taxation. The Tribunal, while confirming the view of the CIT (Appeals), further noted that in case of other partners, the Assessing Officer had had not made the addition. CIT (Appeals) had exercised revisional powers under section 263 which order was set aside by the Tribunal. No substantial question of law
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