S. 2(47) Retirement of partner does not tantamount to transfer

Advertisement CA Sandeep Kanoi ACIT vs Shri N. Prasad (ITAT-Hyderabad) Brief Facts :- Briefly the facts are, the assessee is an individual. For the impugned assessment year the assessee filed his return of income  on 31-10-2006 declaring income of Rs.8,54,47,144/- During the scrutiny assessment proceeding it came to the notice of the Assessing Officer that the assessee during the previous year had retired as a partner from the partnership firm M/s Square Projects Associates on 20-4-2005. On retirement, the assessee apart from his share capital of Rs.1 crore had received Rs.25 lakhs surplus...