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2010 (11) TMI 563 - HC - Income TaxTransfer of the licence - It is a case where a partnership firm was carrying on liquor business - On account of the death of one of the partners, the partnership firm came to an end and it was reconstituted - Without a licence, they could not have continued to carry on the liquor business in partnership - Therefore, they agreed to apply for a licence either in the name of the firm or in the name of a partner making it clear that even if the licence is obtained in the name of the partner, the licence belongs to the partnership firm - Held that:- it is clear that there is no intention on behalf of these partners to contravene the law - It is not camouflaged to contravene the law - It is a case of genuine partnership carrying on business in liquor after obtaining licence in the name of one of the partners, treating the said licence as partnership asset - No transfer is involved - Decided in favour of assessee.
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