Retirement of Partners before amendment brought in Finance Act, 2021

Assessee is a partnership firm having 17 partners engaged in the business of development of  property . The said firm has one land which is hold as current assets having book value very less.  In this firm two partners were admitted in the firm in the month of  May. 2020, who are willing to invest the capital require for development of the said land and the project on the said land.  Due to some reason the original 17 partners have decided to retire from the firm in the month of Dec. 2020. Before the retirement the partners have made revaluation…

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