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Section 45(4) not applicable if no Assets transferred by Partnership firm to Retiring Partner
Case Law Details
- Case Name
- ACIT Vs Thirumala Rice Industries (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2011-12
- Courts
- All ITAT, ITAT Bangalore
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ACIT Vs Thirumala Rice Industries (ITAT Bangalore)
Sub-section (4) of Section 45 deals with a distribution of capital assets on the dissolution of a firm or other association of persons or body of individuals or otherwise. If in the course of such distribution of capital asset there is a transfer of a capital asset by the firm in favour of a person and it results in profits or gains to the firm, then the said profits or gains shall be chargeable to tax as income of the firm and again for computing such income, Section 48 is attracted. In other words, in the process of a dissol...
