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2014 (5) TMI 324 - HC - Income TaxGenuineness of the existence of partnership – Transfer of capital asset - Held that:- The assessees did not place on record the original partnership deed or a Certificate of its Registration at any point of time - They claim that though the partnership firm was formed in 1988, it was registered with the Registrar of Firms only in 2003 i.e., after the lapse of 15 years - Though they so claimed, they did not produce Certificate of Registration before the authorities - It has come on record that subsequent to the Retirement-cum-Reconstitution Deed of partnership dated 22.5.2004, the landed properties were transferred to M/s.Prestige Estate Project Private Limited by the firm vide agreement dated 23.12.2005 - The agreement to sell was executed not only by the firm but also by the assessees - the Tribunal rejected the claim of the assessees that they received the amounts not as consideration for transfer of their lands but by way of retirement as partners in the firm – there is no reason to interfere in the order of the Tribunal – no substantial question f law arises for consideration – Decided against Assessee. Validity of notice u/s 148 of the Act – Reopening of assessment – Held that:- The assessee-wife had declared her total income of ₹ 1,37,990/- for the assessment year 2005-06 and it was processed u/s 143(1) of the Act – AO noticed that the assessee-wife had also received a sum of ₹ 2,90,00,000/- during the assessment year 2004-05 from Srihari Khoday as sale consideration for transfer of property – the notice issued u/s 148 of the Act cannot be said to be invalid – Decided against Assessee.
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