No Capital gain tax firm if it doesn’t distribute any capital asset to retiring partners

IN THE ITAT MUMBAI BENCH ‘F’ Income-tax Officer – 25(3)(4) versus Fine Developers IT APPEAL NO. 4630 (MUM.) OF 2011 [ASSESSMENT YEAR 2008-09] OCTOBER 12, 2012 ORDER Rajendra, Accountant Member Challenging the order dtd. 28-03-2011 of the CIT(A)-35, Mumbai, Assessing Officer (AO) has raised following Grounds of Appeal : (i)  “On the facts and in the circumstances of the case, and in law, the ld CIT(A) erred in directing the A.O. to delete the entire addition of capital gain u/s. 45(4) of the Income Tax Act-1961 without appreciating the fact that HDIL wa...