Taxability of Real Estate transactions
Taxability of Real Estate transactions
Taxability of Real Estate transactions
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Retirement <strong>of</strong> partner<br />
from firm<br />
• Applicability <strong>of</strong> section 45(4)<br />
• Partnership firm is not a separate legal<br />
entity<br />
• Status prior to amendment by the<br />
Finance Act, 1987<br />
• CIT v. Banke Lal Vaidya (1971) 79 ITR 594 (SC)<br />
• CIT v. Diwan Cine Corp. ( 1968) 68 ITR 240 (SC)<br />
• Malabar Fisheries v. CIT (1979) 120 ITR 49 (SC)