Discontinued Business Does Not Transfer Property Ownership to Partners: ITAT Visakhapatnam

Vivek Industries Vs ITO (ITAT Visakhapatnam)

Capital Gains – Assessment in Hands of “Right Person” – Discontinuance of Business Does Not Transfer Ownership – Partners’ Disclosure Incorrect – Tax Credit to Follow Correct Entity

Vivek Industries, a partnership firm constituted in 2003, filed its return of income for AY 2018-19 on 11.08.2018 declaring Nil income after claiming that the long-term capital gain of Please become a Premium member. If you are already a Premium member, login here to access the full content.