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TMI Blog2019 (3) TMI 584X X X X Extracts X X X X X X X X Extracts X X X X ..... GH COURT] and Riyaz Sheikh's case [2013 (12) TMI 248 - BOMBAY HIGH COURT] to hold that amount received by a partner on his retirement and the partnership firm is not subjected to tax in the retiring partner's hands in view of Section 45(4) of the Act. The liability, if any, to pay the tax is on the partnership firm in view of Section 45(4) of the Act. Besides, the duration of a person being a part ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nal is justified in holding that the amount received by the assessee on retirement from partnership firm is not taxable in the head capital gain in the hands of the partner,? 3. The Respondent Assessee is an individual. On 16/09/2005, she joined a partnership firm M/s. D. S. Corporation as a partner making a capital contribution of ₹ 52.50 lakhs. Thereafter the assets of the firm were ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pital gain in the hands of the partner. However, it is the partnership firm which is liable to pay the tax. In support, a reliance was placed upon a decision of this Court in the case of Prashant S Joshi v/s. Income Tax Officer, Ward 19(2)(4) reported in (2010) 189 Taxman 1 (Bombay) and in the case of Commissioner of Income Tax III Pune v/s. Riyaz A Sheikh reported in (2014) 41 taxman.com.455 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Tribunal placed reliance upon the decision of this Court in Prashant Joshi's case (supra) and Riyaz Sheikh's case (supra) to hold that amount received by a partner on his retirement and the partnership firm is not subjected to tax in the retiring partner's hands in view of Section 45(4) of the Act. The liability, if any, to pay the tax is on the partnership firm in view of Section 45 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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