Partnership Firm

Assessee is partnership firm having two partners. The firm has purchase two immovable properties and they are in the name of the firm. The partners have decided to develop the one of the property and since they were short of funds and necessary infrastructure, they have decided to admit two new partners who will bring the necessary capital as well as ready to work as working partner for development of property No. 1. The profit sharing ratio is also decided to be equal as the incoming partner are bringing the necessary capital as per their profit sharing ratio. They have…

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