Dismissing the appeal of the revenue the Court held that, amount received by a partner on her retirement from a partnership firm was not liable to capital gain tax. (AY. 2006 -07)
Hemlata S. Shetty (Smt.) v. ACIT (2019) 262 Taxman 324 (Bom.) (HC)
S. 45(4) : Capital gains – Distribution of capital asset – Retirement of partner- Amount received by a partner on her retirement from a partnership firm is not liable to capital gain tax. [S. 45]