TMI Blog2001 (9) TMI 34X X X X Extracts X X X X X X X X Extracts X X X X ..... not taken place. It relies on the fact that the firm which consisted of two partners stood dissolved by the death of one of them on March 3, 1989. There was no evidence to show that after such dissolution, the property which had belonged to the firm was transferred either to the surviving partner or to the legal heirs of the deceased partner. On the other hand what is found by the Tribunal is tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of the firm, association or body, of the previous year in which the said transfer takes place and, for the purposes of section 48, the fair market value of the asset on the date of such transfer shall be deemed to be the full value of the consideration received or accruing as a result of the transfer." The section is concerned with the capital gains arising from transfer of a capital asset by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsferred by way of distribution of the assets on the dissolution of the firm no occasion arises for bringing to tax any capital gain on a transfer which has not taken place. The section itself gives no room for doubt as the year in which the capital gain is to be brought to tax is, the previous year in which the said transfer takes place. As it is the finding of the Tribunal that no transfer had ..... X X X X Extracts X X X X X X X X Extracts X X X X
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