9911796707
TMI Blog2018 (11) TMI 1858X X X X Extracts X X X X X X X X Extracts X X X X ..... rd Member - whether where on revaluation of asset being land held by the partnership firm which resulted into enhancement of value of asset and this enhanced amount credited in capital account of partners and when a retiring partner takes amount in his capital account including enhanced value of asset, it gives rise to Capital Gain under section 45(4) r.w. Section 2(14) ? - HELD THAT:- Hon'ble ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the view that the money equivalent to enhanced portion of the asset revalued constitutes capital asset for the purpose of section 45(4) r.w.s. 2(14) of the I.T. Act and therefore there is transfer of capital asset on dissolution of firm or otherwise within the meaning of section 45(4) r.w.s. 2(14) when the money equivalent is paid by the partnership firm to the retiring partner. Thus, the view p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t of dispute: - (1) Whether on the facts and in the circumstances of case, where on revaluation of asset being land held by the partnership firm which resulted into enhancement of value of asset and this enhanced amount credited in capital account of partners and when a retiring partner takes amount in his capital account including enhanced value of asset, it gives rise to Capital Gain under se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e in both the appeals are decided against the Revenue in confirmity with the order passed by the Third Member. 3. As far as the assessee appeals are concerned, the ground raised challenging the jurisdiction of Assessing Officer in passing the Assessment Order since withdrawn by assessee the same is dismissed as withdrawn. The other ground raised on the reopening of the assessment proceedings u/ ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
