On dissolution of partnership firm, only firm is taxable on capital gain on Assets distributed to Partners

HIGH COURT OF ANDHRA PRADESH Chalasani Venkateswara Rao versus Income-tax Officer, Ward-IV, Vijayawada I.T.T.A NO. 70 OF 2000 AUGUST 3, 2012 JUDGMENT M.S. Ramachandra Rao, J. This appeal is filed by the appellant/assessee under Section 260-A of the Income Tax Act, 1961 challenging the order dated 08-02-2000 of the Income Tax Appellate Tribunal, “B” Bench, Hyderabad in I.T.A. No. 1529/Hyd/94 for the assessment year 1989-90. 2. The appellant was a partner in a firm by name M/s. Theatre Radha, a registered firm at Vijayawada along with one Y. Kalyana Sundaram under a ...