No capital gain tax liability on receipt of credit in partner’s capital account due to revaluation of firm

Lupin Investments Private Limited Vs DCIT (ITAT Mumbai)

Conclusion: Since assessee did not receive any sum over and above the value of its investments from partnership firm on revaluation of assets, therefore, there could not be any levy of capital gains or any levy in the nature of income upon retirement of assessee from firm within the meaning of Section 2(24) in the hands of assessee.

Held:  Assessee was a partner in the firm Pranik Landmark Associates

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