TMI Blog2010 (10) TMI 1087X X X X Extracts X X X X X X X X Extracts X X X X ..... ANDRAN NAIR, J. All the connected appeals filed by the revenue arise from common orders of the Tribunal holding that the amount received by the assessees towards consideration for the retirement from the partnership firm does not amount to transfer attracting capital gains. We have heard senior counsel appearing for the revenue and counsel appearing for all the respondents. 2. All the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... decided by two Commissioners (Appeals). While one of them held that the income is assessable as casual income and not as capital gain, the other held that the Officer rightly taxed the amount for capital gain. Appeals filed by the assessees were allowed by the Tribunal holding that there is no capital gain arising on the retirement of partners. 3. After hearing both sides and after going throu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and consequently there is no scope for assessment for capital gains on retirement of a partner from a firm. Even though standing counsel referred to subsequent amendments on transfer and the scope of Section 45(4) with particular reference to our decision in Commissioner of Income Tax v. Southern Tubes reported in 306 ITR 216 (Ker), we do not find retirement of a partner is specifically covered ei ..... X X X X Extracts X X X X X X X X Extracts X X X X
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