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2011 (9) TMI 612 - HC - Income TaxRegistration as Partnership Firm - no partnership deed furnished - no application after dissolution - Held That:- As per Sec 184 original partnership deed is must, however on sufficient reason, a copy of it is accepted. When no such formalities were complied AO was correct in assessing the same as Association of Person(AOP). Transfer - Capital Gains - Firm Dissolved - Asset Revalued - Individual took over the firms and asset sold to Smt Jaypradha - Tax assessed in the hands of Individuals - Protective assessments - Held That:- Profits or Gains arising from the transfer of a capital asset by way of distribution of capital assets on the dissolution of a firm or other association of persons or body of individuals (not being a company or a co-operative society) or otherwise, shall be chargeable to tax as the income of the firm, association or body. Further revenue couldn't bring any evidence to show that property was transferred . Decided in favour of assessee.
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