LTCG on Firm Dissolution Sent Back for Fresh Verification

ITO Vs Mahabir Solvent Oil (ITAT Delhi) LTCG on Alleged Firm Dissolution Requires Fresh Verification – ITAT Delhi Remands Matter to CIT(A) The Delhi Bench of the ITAT set aside the order of the CIT(A), Karnal, and remanded the matter for fresh adjudication in a case involving alleged long-term capital gains arising from change in constitution of a partnership firm for AY 2008-09. The AO had treated the conversion of a partnership firm into a proprietorship concern as a transfer of capital assets, and accordingly made additions aggregating over ₹3.16 crore as LTCG on land and building. The ...