| COURT: | ITAT Cochin |
| CORAM: | Chandra Poojari (AM), N.R.S. Ganesan (JM) |
| SECTION(S): | 45, 45(4), 47(ii) |
| GENRE: | Domestic Tax |
| CATCH WORDS: | capital gains, Dissolution, Partnership, Retirement |
| COUNSEL: | K. B. Mohammed Kutty |
| DATE: | September 19, 2014 (Date of pronouncement) |
| DATE: | October 5, 2014 (Date of publication) |
| AY: | 2007-08 |
| FILE: | Click here to view full post with file download link |
| CITATION: | |
| U/s 45(4), capital gains on transfer of capital assets on dissolution of firm has to be worked out on the basis of the fair market value of the capital asset on the date of transfer | |
(i) Dissolution and retirement are two different concepts. In the case of retirement, the retiring partner goes out of the firm but the remaining partners continue to carry on the business of the partnership as a firm. In the case …
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