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2008 (2) TMI 487 - AT - Income TaxExtract: .......ld that in the event of distribution of assets on dissolution of partnership or otherwise, capital gain arises. In this case capital gains arose as on 31st March, 2002 when the assets were divided among the two groups of partners. As such it is exigible to tax in the year under consideration. 23. In the result, appeal of the Revenue stands allowed.
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