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2010 (10) TMI 828 - KARNATAKA HIGH COURTProfit of the sale of the firm for the assessment year 1995-96 - whether not assessable to capital gains tax u/s 45(1) or section 45(4) - AO held that the income which was received by accepting the highest bid of Rs.92 crores was paid to the erstwhile 9 partners and highest bid was offered by erstwhile 3 partners and it is also clear that the firm M/s.MGBW had dissolved on 6.12.1987 itself and it was not in existence thereafter and returns were being filed by the erstwhile partners in view of the direction issued by this court in the Company Petition as referred to above and the Assessing Officer has passed an order of protective assessment against the firm represented by its partners - Held that:- The firm-MGBW was dissolved on 6.12.1987 and that the outgoing partners of the firm are liable for capital gain u/s 45(1) of the Act and not the firm and in view of the said findings thereunder, thus to hold that the order passed by the ITAT is justified and does not call for interference in those appeals - substantial questions of law against the revenue and in favour of the assessee
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