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Income Tax - Highlights / Catch Notes

Home Highlights January 2017 Year 2017 This

Revision u/s 263 - when a partner retires from the partnership ...

Income Tax

January 5, 2017

Revision u/s 263 - when a partner retires from the partnership firm, whatever amount received by the partner over and above his capital account is not liable for capital gain tax - CIT was not correct in coming to the conclusion that the order passed by the A.O. is prejudicial to the interest of the revenue - AT

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  1. 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...

  2. 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...

  3. Receipt of amount as goodwill on retirement - right of partner in the partnership firm - capital asset u/s 2(14) - extinguishment of such right in the firm - HC...

  4. Sale of assets of partnership firm after dissolution – Individual erstwhile partners are liable to compute as Capital Gains under section 45.... - HC

  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. When a partner retires from the firm and receives share of amount calculated on the value of partnership asset including goodwill of the firm, there is no transfer of...

  7. Extinguishment of partner's interest on retirement from the partnership firm - when a partner retires from partnership what he receives is his share in the partnership,...

  8. Partnership firm - Nature of the Certain considerations received after the dissolution of the firm - The appellants as erstwhile partners are liable to pay capital gain...

  9. Exemption u/s.10(2A)- amount received by a retired partner from its earstwhile partnership firm - assessee company was not at all partner in the said firm. - exemption...

  10. Capital gains - Conversion of partnership firm into company - exemption - conversion of balance in capital account of a partner into loan - transfer - Section 47A r.w.s...

 

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