S.45(4) and S.9B

There are three partners in a firm. The firm is having two residential properties having high market value compared to cost.  No depreciation has ever been claimed on the properties. The firm is carrying business of export and properties are shown as Investments in books of account. One of the partner who was having 80% share in the firm expires.  As per deed the share of the said partners goes to remaining partners only. What will be impact under S.45(4) and S.9B of the act. Whether firm will have to pay the tax since there will be reconstitution on account…

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