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Case Law Details

Case Name : M/s. National Company Vs ACIT (Madras High Court)
Related Assessment Year : 2004-05
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M/s. National Company Vs ACIT (Madras High Court)

Conclusion: Assets received by the retiring partners of a firm through family arrangement did not amount to ‘transfer’ for the purpose of imposing capital gain, and therefore, the reconstitution of firm would not attract Section 45(4).

Held: In the instant case, assessee originally a sole proprietorship concern got converted as a partnership firm in the year 1974 and admitted his son, two daughters and

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