Transfer of Asset – whether covered by the word “otherwise” ...
Case Laws Income Tax
December 22, 2012
Transfer of Asset – whether covered by the word “otherwise” contained in section 45(4) -Once the assets have been removed from the capital account of the partners and have been credited to the current account, the partners are free to withdraw the said amount as and when they require. Therefore, it is a clear cut case of transfer of capital assets by way of distribution which is covered by the word “otherwise” contained in section 45(4). - AT
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