Court : Income Tax Appellate Tribunal ITAT Pune
Decided on : Aug-28-2003
Reported in : (2004)83TTJ(Pune.)542
..... of the retiring partner assigning or relinquishing his share and right in partnership and its assets in favour of continuing partners, the transaction would amount to transfer within the meaning of section 2(47) of the it act. this view has been substantiated in the following decisions :n.a. mody v. cit 7. the learned judges of bombay high court pointed out that the indian partnership act, 1932, did not have ..... a deed of retirement did not operate as a relinquishment of interest in immovable property but that it was merely by way of adjustment of the rights of partners and no compulsory registration was involved under section 17(1)(c). further relying on the decision of hon'ble gujarat high court in the case of cit v.mohanbhai pamabhai (supra) in which reference was ..... regarded as sale or release or assignment of his interest by a deed attracting stamp duty while the latter type of transaction would not. in other words, it is clear, the retirement of a partner can take either of two forms, and apart from the question of stamp duty, with which we are not concerned, the question whether the transaction would amount to ..... an assignment or release of his interest in favour of the continuing partners or not would depend upon what particular mode of retirement is .....Tag this Judgment!