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Case Law Details

Case Name : The Commissioner of Income Tax Vs M/s Dynamic Enterprises (High Court of Karnataka at Bangalore)
Related Assessment Year :
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Bombay High Court held that when the assets of the partnership is transferred to a retiring partner, the partnership which is asses sable to tax ceases to have a right or its right in the property stands extinguished in favor of the partner to whom it is transferred. If so read, it will further the object and the purpose and intent of the amendment of Section 45. Once that be the case, the transfer of assets of the partnership to the retiring partners would amount to the transfer of capital assets in the nature of capital gains and business profits which is char

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