Thursday, January 8, 2015

[aaykarbhavan] Land held by firm for construction business would be deemed as capital assets of partners on dissolution of firm



Land held by firm for construction business would be deemed as capital assets of partners on dissolution of firm

January 8, 2015[2014] 52 taxmann.com 491 (Bombay)/[2014] 368 ITR 368 (Bombay)
IT : On dissolution of firm, partners agreed to take over plots of land as co-owners and as capital assets; profit on sale of said plots would be treated as capital gain instead of business income
 
Regards
Prarthana Jalan


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Posted by: Prarthana Jalan <prarthanajalan@ymail.com>


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