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Income Tax - Highlights / Catch Notes

Home Highlights April 2016 Year 2016 This

Additional payment even if made to the retiring partner in ...

Income Tax

April 27, 2016

Additional payment even if made to the retiring partner in excess of capital account is not in nature of any profit or income within the meaning of sec.28(va) of the Act and it cannot be brought to tax as business income. - AT

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  1. Interest claimed on partners' capital contribution made to chit funds and interest claimed on payment to retired partners' outstanding balance - claim of deduction from...

  2. Additional payment even if made to the retiring partner in excess of capital account is not in nature of any profit or income within the meaning of sec.28(va) of the Act...

  3. Reconstitution of partnership firm - one partner retired and two were continue - provisions of Section 45(4) is applicable as it amounts to transfer - capital gain is...

  4. Capital gain u/s 45(4) - payment to the retiring partners - All that happened was the firm's assets were evaluated and the retiring partners were paid their share of the...

  5. Depreciation on amount paid to retiring partner as goodwill from the partnership firm - Share of the capital came to be paid to the retiring partner and it cannot be...

  6. Payment of remuneration made to a retired partner - assessee contended that AO’s observation to the effect that the clause of the partnership deed creating liability to...

  7. There is no transfer of capital asset by way of distribution of capital asset at the time of making the payments to the retiring partners and therefore, no capital gain...

  8. Payment made to retiring partner and legal heirs of the deceased - as per terms of the agreement the payment were to be set-aside at the threshold from the receipts of...

  9. Section-45(4) of the Act mandates the assessee firm to be liable for capital gain tax arising out of the transfer of its asset to the retiring partner even in the...

  10. Nature of expenditure - amount paid on retirement of partner - Allowable revenue expenditure or capital expenditure - CIT(A) without appreciating proper facts of the...

 

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