Taxability of Real Estate transactions
Taxability of Real Estate transactions
Taxability of Real Estate transactions
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Admission after<br />
revaluation<br />
• Revaluation <strong>of</strong> assets & liabilities <strong>of</strong><br />
the firm<br />
• A new partner is admitted into the firm<br />
• Subsequently old partners retire<br />
• Whether any liability <strong>of</strong> capital gains<br />
• Held, No<br />
• CIT v. Kunnamkulam Mill Board (2002) 257<br />
ITR 544 (Ker(<br />
Ker)