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Discontinued Business Does Not Transfer Property Ownership to Partners: ITAT Visakhapatnam
Case Law Details
- Case Name
- Vivek Industries Vs ITO (ITAT Visakhapatnam)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2018-19
- Courts
- All ITAT, ITAT Visakhapatnam
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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 Rs. 5,88,29,928 arising from sale of its property was disclosed in the hands of the individual partners. The property in question—a 7,500 sq. mtr. industri...
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