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B.RAMAKOTAIAH, N.V.VASUDEVAN
Sudhakar M. Shetty – Appellant
Versus
Assistant Commissioner of Income-tax, Central Circle-13, Mumbai – Respondent
Per B. Ramakotaiah, Accountant Member. - This is an appeal by the assessee against the order dated 12-1-2010 of CIT(A)-37, Mumbai, relating to assessment year 2007-08.
2. Ground Nos. 1 to 4 raised by the assessee read as follows :
(1)Learned CIT(A) erred in law and on facts in upholding the action of the Assessing Officer that the amount received by the appellant on retirement from partnership firm M/s. D.S. Corporation is taxable under the head ‘capital gains’ on the mistaken belief that ‘retirement from partnership’ amounts to ‘transfer’ within the meaning of section 2(47) of the Income-tax Act.
(2)Learned CIT(A) failed to appreciate the facts of the case and the relevant law on the subject.
(3)Learned CIT(A) erred in not following the judgment of Supreme Court and of the jurisdictional Court.
(4)Learned CIT(A) erred in constructing the deed of retirement, under which no transfer had taken place and without transfer there can be no capital gains tax liability.
3. The assessee is an individual. The assessee and one Mr. Rakesh Kumar Wadhwan were desirous of carrying on business of development and construction in partnership with each other of a property situate at Juhu Tara Road, Ju
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