Case Law Details
Case Name : M/s. D.S. Corporation Vs ITO (ITAT Mumbai)
Appeal Number : I.T.A. Nos. 3526 & 3527/MUM/2012
Date of Judgement/Order : 15/11/2018
Related Assessment Year : 2006-07 & 2007-08
Courts :
All ITAT ITAT Mumbai
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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 pay
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