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2008 (2) TMI 409 - KARNATAKA HIGH COURTStock in Trade – Exemption from Wealth Tax - The contention of the assessee that this property fell to his share after the partnership firm, in which this property was held as stock-in-trade, was dissolved. It was contended by him that even though the firm has dissolved, but it is pertinent to note that the said firm all through held it as stock-in-trade. Consequently, on its dissolution, the same would continue in the same status, but in the hands of the assessee. – AO held that said property can not be held as stock in trade in the hands of the assessee after dissolution – ITAT held that said property can be held as stock in trade since the same treatment was being by the firm – held that order of tribunal requires reconsideration and matter remitted to AO.
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