No tax on Retirement compensation from Partnership firm based on revaluation of Assets

M/s. D.S. Corporation Vs ITO (ITAT Mumbai) Conclusion: Retiring partners did not acquire any right in the revalued property and what they got on retirement was only money equivalent to enhanced portion of the assets re-valued which did not constitute capital asset under section 2(14) and payment of the said money by assessee-firm to retiring partners could not give rise to capital gain under section 45(4) read with section 2(14). Held: Assessee-partnership firm was carrying on the business of real estate development and construction. The said partnership firm was reconstituted from time to tim...