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 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. industrial plot at Mankha...