Case Law Details
Case Name : Pr. CIT Vs Smt. Hemlata S Shetty (Bombay High Court)
Related Assessment Year : 2006-07
Courts :
All High Courts Bombay High Court
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Pr. CIT Vs Smt. Hemlata S Shetty (Bombay High Court)
Amount received by a partner on his retirement and the partnership firm is not subjected to tax in the retiring partner’s hands in view of Section 45(4) of the Act. The liability, if any, to pay the tax is on the partnership firm in view of Section 45(4) of the Act. Besides, the duration of a person being a partner in the firm does not decide the applicability of Section 45(4) of the Act, as it is not so provided therein.
FULL TEXT OF THE HIGH COURT ORDER / JUDGMENT
1 This Appeal under Section 260A of the Income Tax Act, 1961 (Act) cha...
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The issue involved is regarding the taxability of the amount received on voluntary retirement from a partnership firm as ‘Capital Gains’ in the hands of the assessee as per Section 45(4) of the Income Tax Act 1961, where the firm has not been dissolved.- is pending before the Supreme Court- Diary No. 29302/2019