National Company Vs ACIT ( (Madras High
Court) Judgment dt 8.4.2019
in
Appeal
Nos. 365 & 366 of 2009 T.C.A.No. 365 of 2009
in
M/s. National Company vs The
Assistant Commissioner of Income Tax Business Circle – I [I/c] Chennai
HELD Section 45(4) r/w Section 2(47)(vi) of the Income Tax Act regarding transfer for the
purpose of capital gains would
not be attracted on the retirement of the two partners and consequential
allotment of their share in the assets in the assessee-firm as there was no
element of transfer of interest in the partnership assets by the
retiring partner to the continuing partners.
