{"id":22087,"date":"2021-10-06T07:43:32","date_gmt":"2021-10-06T02:13:32","guid":{"rendered":"https:\/\/itatonline.org\/digest\/?post_type=qa&#038;p=22087"},"modified":"2024-12-12T20:55:23","modified_gmt":"2024-12-12T15:25:23","slug":"sec-454-and-9b-of-the-income-tax-1961","status":"publish","type":"qa","link":"https:\/\/itatonline.org\/digest\/qa\/sec-454-and-9b-of-the-income-tax-1961\/","title":{"rendered":"Sec. 45(4) and 9B of the Income Tax 1961"},"content":{"rendered":"<p>Assessee is partnership firm having 5 partners ,engaged in the business of construction. The firm has undertaken the construction of housing project. In the partnership deed, it is agreed by and between the partners that all partners will contribute the capital equally and their profit sharing is equal.\u00a0 It\u00a0 is also agreed\u00a0 that in case capital contribution is not made equally, then the profit sharing which is decided as equal, will be change as per the capital contribution by executing the\u00a0 fresh partnership deed. Accordingly partners have decided to execute the partnership deed and change the profit sharing ratio as per the capital introduced by the each partner. whether it amounts to reconstitution and whether there will be any tax implications in view of new provisions of sec 9B and 45(4) of the Income Tax Act. 1961<\/p>\n","protected":false},"comment_status":"open","ping_status":"closed","template":"","qa_expert":[33],"qa_category":[23],"qa_tag":[376,197,375],"class_list":["post-22087","qa","type-qa","status-publish","hentry","qa_expert-advocate-shashi-ashok-bekal","qa_category-income-tax","qa_tag-firm","qa_tag-reconstitution","qa_tag-taxation-of-partnership-firm"],"acf":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa\/22087","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/qa"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=22087"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=22087"}],"wp:term":[{"taxonomy":"qa_expert","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_expert?post=22087"},{"taxonomy":"qa_category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_category?post=22087"},{"taxonomy":"qa_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_tag?post=22087"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}