Capital Gain on Tfr of MIDC Land By One Partner to Another

MIDC (Industrial Area)
Land and Building was allotted to partners of the firm .
exact wordings of the deed of assignment and Transfer Order are "Land is allotted to Partners of xyz firm"
now after 12 years the said Land and Building was transferred by one
partner to another without any consideration and reflected in their Individual AIS. Both Partners are brothers (Blood Relative)
my question is whether to
consider above tfr as Tfr of Property by firm to its partner and Pay Capital Gain tax on it (Stamp Duty Value at time of tfr - Indexed cost of acquisition)
or Treat it as a Gift by brother to brother.

Thanks.