{"id":22383,"date":"2021-10-22T11:42:23","date_gmt":"2021-10-22T06:12:23","guid":{"rendered":"https:\/\/itatonline.org\/digest\/?post_type=qa&#038;p=22383"},"modified":"2021-10-26T05:47:19","modified_gmt":"2021-10-26T00:17:19","slug":"retirement-of-partners-before-amendment-brought-in-finance-act-2021","status":"publish","type":"qa","link":"https:\/\/itatonline.org\/digest\/qa\/retirement-of-partners-before-amendment-brought-in-finance-act-2021\/","title":{"rendered":"Retirement of Partners before amendment brought in Finance Act, 2021"},"content":{"rendered":"<p>Assessee is a partnership firm having 17 partners engaged in the business of development of\u00a0 property . The said firm has one land which is hold as current assets having book value very less.\u00a0 In this firm two partners were admitted in the firm in the month of\u00a0 May. 2020, who are willing to invest the capital require for development of the said land and the project on the said land.\u00a0 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 of land and credited the capital account of partners as per profit and loss sharing ratio and debiting the same to land in the books of accounts. Continuing partner have brought the necessary capital and the amount standing to the capital account of retiring partners including the revaluation amount has been paid to all the retiring partners, accordingly retirement deed has been executed on 29.12.2020. In the Finance Act 2021 the provisions of Sec. 9B and 45(4) have been introduced which are applicable for A.Y. 21-22. what is impact on the retirement deed which was executed on 29.12.2020, much prior to the amendment . Is there any way , where assessee can fight on the ground that the provisions are not applicable to such transactions when the provisions were not in the statute. please guide<\/p>\n","protected":false},"comment_status":"open","ping_status":"closed","template":"","qa_expert":[33],"qa_category":[23],"qa_tag":[380,406,375,407],"class_list":["post-22383","qa","type-qa","status-publish","hentry","qa_expert-advocate-shashi-ashok-bekal","qa_category-income-tax","qa_tag-partnership-firm","qa_tag-retirement-of-partners","qa_tag-taxation-of-partnership-firm","qa_tag-valuation-of-land"],"acf":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa\/22383","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/qa"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=22383"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=22383"}],"wp:term":[{"taxonomy":"qa_expert","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_expert?post=22383"},{"taxonomy":"qa_category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_category?post=22383"},{"taxonomy":"qa_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_tag?post=22383"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}