Friday, March 1, 2019

No capital gain on business re-constitution if assets & liabilities of business remained with firm: HC

IT: Where assessee firm decided to re-organise its business whereby couple of partners were retired and fresh partners were inducted but assets and liabilities relating to business remained with assessee-firm, it was a case of reconstitution of firm and thus, no capital gains could be said to arise under section 45(4)

from www.taxmann.com Latest Case Laws https://ift.tt/2EEUTAQ

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