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2012 (5) TMI 403 - KARNATAKA HIGH COURTReconstitution of firm - relinquishment of right and interest in the erstwhile firm - transfer u/s 2(47) - admission of the new partners and assignment of right in the firm to the new partners out of the rights of the assessee for consideration - held that:- the firm is not taxed. It is the individual partners who are taxed. More over, in the instant case, the erstwhile partners have not retired, they also continued to be the partners along with the incoming partners. All that has happened is that the shares of the erstwhile partners are reduced. - No transfer - decided in favor of assessee. Decision in the matter of Commissioner of Income-tax v. Gurunath Talkies (2009 (7) TMI 738 (HC)) distinguished.
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