Answers On Topic: partnership firm
Assessee is partnership firm. DURING the course of Search shortage in stock is found. Assssee has stated that though there is no reason for shortage, as his maintaining stock record , however to avoid litigation partner agree that they will offer income on the value of shortage in stock in the return . However AO is saying he is going to add entire amount of shortage and tax the same by resorting to sec. 115BBE at special rate. Is he is correct .
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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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Applicability of Sec.115BBE