Dissolution of Firm - once the dissolution of the firm is held ...

Property Stays with Assessee Firm Despite Registration Under Partners; Firm's Dissolution Not Proven.

May 15, 2015

Case Laws Income Tax AT

Dissolution of Firm - once the dissolution of the firm is held to be not proved, the necessary corollary is that the property continues to be that of the Assessee firm. Admittedly the property was always considered as the property of the Assessee firm, though it stood in the name of partners - AT

View Source

← Previous Next →

Dissolution of Firm - once the dissolution of the firm is held ...

Property Stays with Assessee Firm Despite Registration Under Partners; Firm's Dissolution Not Proven.

May 15, 2015

Case Laws Income Tax AT

You may also like:

Transfer of an industrial undertaking from urban to rural area by a partnership firm qualifies for exemption u/s 54G of the Income Tax Act. The assessee, a partner in...

Addition u/s 56(2)(vii) - real owners - partners v/s firm - property purchased by assessee-partner less than guideline value of the property - applying purposive...

Dissolution of partnership - taxability of sum received by a partner - Any amount paid to a partner as his share on dissolution of the partnership firm cannot be...

Accrual of interest income in the hands of dissolved partnership firm - section 189 keeps the firm alive for the purposes of assessment despite its dissolution. It...

Income received after dissolution of firm - the amount was assessable in the hands of the assessee-firm in the year of receipt despite dissolution and discontinuance of...

Unexplained cash credit u/s 68 - cash received from partners - difference pointed out by the AO as capital introduced by both the partners of the assessee firm different...

Taxability in the hands of partners v/s firm - transfer of capital asset by firm to partners - There is no merit in the arguments advanced by assessee, that transfer of...

Unexplained Money u/s 69A r.w.s. 115BBE - Cash withdrawal from the firm as partner of the firm - along with confirmation letter given by the firm, assessee has also...

Partnership firm dissolution, accounts settlement, and distribution of shares. Receiver appointed to manage assets until winding up. Defendants restrained from disposing...

Capital gain u/s 45(4) in partnership firm on retirement of a partner - dissolution/reconstitution of partnership firm - the provisions of Section 45(4) would not be...

The SC affirmed that property contributed by a partner to a partnership firm becomes firm property under Section 14 of the Partnership Act. In this case, the late Bhairo...

Status of assessee as "AOP" instead of "partnership firm" - The assessee firm was comprised of four individual partners who were representing their respective firms -...

Undisclosed income from transaction of used empty bottles belonged to the Appellant firm - On the basis of the trial balance sheet seized during the search operation,...

Disallowance of interest u/s. 36(1)(iii) - partners of the assessee firm had over withdrawn an amount as in excess of what was brought by them in the firm - the assessee...

Capital gain - Sale of property - defunct firm / dissolution of firm - Whether the property/plot of land in question was distributed or transferred by the assessee on...

Quick Updates: