No capital gain tax on amount received by retiring partner

MDLR Builders (P) Ltd. Vs DCIT (ITAT Delhi) Conclusion: When a retiring partner took only money towards the value of his share on retirement and when there was no distribution of capital asset/ assets going to the partners, there was no transfer of capital asset and consequently no profits or gains was chargeable u/s. 45 (4). Held: AO taxed short term capital gain on account of transfer of shares in the partnership firm by assessee company to M/s. V Limited. According to AO, the partnership share in a firm was a capital asset within the meaning of section 2 (14) and their transfer was transfer...