Search Results For: Dissolution


COURT:
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DATE: September 19, 2014 (Date of pronouncement)
DATE: October 5, 2014 (Date of publication)
AY: 2007-08
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CITATION:
U/s 45(4), capital gains on transfer of capital assets on dissolution of firm has to be worked out on the basis of the fair market value of the capital asset on the date of transfer

(i) Dissolution and retirement are two different concepts. In the case of retirement, the retiring partner goes out of the firm but the remaining partners continue to carry on the business of the partnership as a firm. In the case …

M. Ahammedkutty vs. ITO (ITAT Cochin) Read More »

COURT:
CORAM: ,
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COUNSEL:
DATE: September 12, 2014 (Date of pronouncement)
DATE: October 4, 2014 (Date of publication)
AY: 1998-99
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CITATION:
The correct test to be applied is whether the partnership assets were converted to capital assets of the partners at the time of dissolution

The correct test to be applied is whether the partnership assets were converted to capital assets of the partners at the time of dissolution. This we find, was provided for in the dissolution deed itself which records in clause (3) …

Arvind Shamji Chheda vs. CIT (Bombay High Court) Read More »