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2019 (3) TMI 584 - BOMBAY HIGH COURTCapital gain computation - taxability in the hands of retiring partner's - retirement from the partnership firm - HELD THAT:- We find that impugned order of the Tribunal placed reliance upon the decision of this Court in Prashant Joshi's case [2010 (2) TMI 271 - BOMBAY HIGH COURT] and Riyaz Sheikh's case [2013 (12) TMI 248 - BOMBAY HIGH COURT] to hold that amount received by a partner on his retirement and the partnership firm is not subjected to tax in the retiring partner's hands in view of Section 45(4) of the Act. The liability, if any, to pay the tax is on the partnership firm in view of Section 45(4) of the Act. Besides, the duration of a person being a partner in the firm does not decide the applicability of Section 45(4) of the Act, as it is not so provided therein.
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