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Case Law Details

Case Name : National Company Vs ACIT (Madras High Court)
Related Assessment Year :
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National Company Vs ACIT ( (Madras High Court)

Conclusion: Section 45(4) would not be attracted on the retirement of the two partners and consequential allotment of their share in the assets in the assessee-firm as there was no element of transfer of interest in the partnership assets by the retiring partner to the continuing partners.

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