Dismissing the appeal of the assessee the Court held that ; the contention that it was only a family arrangement and the land and building were offered on licence for the business of the firm, could not be accepted. The clear terms in the partnership deed spoke otherwise. The sale effected was of the land and building. The partnership was dissolved only on December 31, 2006, that too by volition of the partners and not evidenced by any deed. The sale deed of December 20, 2006 was of a sale of the land and building  to a third party. Hence, the sale was prior to the dissolution of the partnership, as claimed by the parties. Hence, the property having been brought into the common stock of the firm, short-term capital gains were assessable on its sale, when the partnership was subsisting. Even if the partner had been allotted the share, prior to dissolution, as was revealed from the facts, capital gains would arise to the firm. The firm was assessable on the capital gains.