No capital gains arise on re-organization of firm if assets & liabilities were retained by firm

INCOME TAX : SLP dismissed against High Court's ruling that where assessee firm decided to reorganise 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)

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