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

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 P

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