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TMI BlogPartnership Firm - Death of a PartnerX X X X Extracts X X X X X X X X Extracts X X X X ..... Partnership Firm - Death of a Partner X X X X Extracts X X X X X X X X Extracts X X X X ..... s only one partner left in the firm and Mr A family members do not want to join as a partner the firm stand dissolved on 31st December 2018. Mr B carried the business . He made sales with GST no of the Partnership Firm and filed the GST returns also. Now as per IT act from st Jan 2019 to 31st March 2019 , it is to be treated as a proprietory concern. But sales were done with GST of the Firm. Pl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ease clarify 1. From 1st January 2019 to 31st March 2019 , I would like to file IT returns as Prop concern eventhough GST is filed with the name of the firm. 2. What are the consequences as per GST Act and IT Act. 3. Now what are the rectification steps to be taken . Reply By Rajagopalan Ranganathan: The Reply: Sir, The partnership firm was dissolved on 31.12.2018.Within 30 days from this da ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te you have to apply for amendment of the registration certificate. The GST returns filed will be in tact. Reply By KASTURI SETHI: The Reply: 1. Both Acts are independent of each other. 2. (i) A penalty of ₹ 10,000/- is imposable under Section 122 (xii) of CGST Act which is as follows:-. (xii) furnishes any false information with regard to registration particulars, either at the tim ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of applying for registration, or subsequently. he shall be liable to pay a penalty of ten thousand rupees. You were required to inform the department within 30 days from the date of change and you failed to do so. OR (ii) A penalty of ₹ 25000/- can be imposed upon under Section 125 of CGST Act. 3. Inform the department about the change in the constitution and get your registration cert ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ificate amended. Registration No.will remain the same. Reply By KASTURI SETHI: The Reply: In view of death of one of the partners, the partnership itself stands dissolved statutorily, by operation of law, in view of provision under Section 42(c) of the Indian Partnership Act, 1932. ------ Supreme Court in the case of S.K.Mishra & Others Vs. Mohd. Laiquddin Khan & another = 2019 (11) TMI 1 - SUP ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... REME COURT
Order dated 18.10.19
Reply By harish varun:
The Reply:
A partnership firm is a business structure in which two or more individuals may or may not be registered to manage and operate a business in accordance with the terms and objectives set out in a partnership agreement. X X X X Extracts X X X X X X X X Extracts X X X X
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