Extinguishment of partner's interest on retirement from the ...

Case Laws Income Tax

April 27, 2016

Extinguishment of partner's interest on retirement from the partnership firm - when a partner retires from partnership what he receives is his share in the partnership, which is worked out and realized and does not represent consideration received by him as a result of the extinguishment of his interest in partnership assets. - AT

View Source

← Previous Next →

Extinguishment of partner's interest on retirement from the ...

Case Laws Income Tax

April 27, 2016

You may also like:

Receipt of amount as goodwill on retirement - right of partner in the partnership firm - capital asset u/s 2(14) - extinguishment of such right in the firm - HC...

Characterization of income - consideration received by the partner of a firm upon retirement from the firm - retirement benefit - any money received by the partner upon...

Determination of remuneration paid to partner - working / retiring partner - the firm has incorporated the terms of section 40(b), providing for the maximum amount of...

Capital gain u/s 45(4) in partnership firm on retirement of a partner - dissolution/reconstitution of partnership firm - the provisions of Section 45(4) would not be...

Retirement from partnership firm - lump sum payment in consideration of the retiring partner assigning or relinquishing his share or right in the partnership and its...

Dishonor of Cheque - liability of retired partner from the partnership firm - Retirement from the partnership firm subsequent to presentation of cheque will not...

Distribution of capital assets u/s 45(4) - partnership firm - crediting revaluation surplus to partners account settling their accounts on their retirement - It is the...

Disallowance of interest expenditure in the hands of partner - investment as capital in the business of the partnership firm - Absence of earning any interest income on...

Transfer of an industrial undertaking from urban to rural area by a partnership firm qualifies for exemption u/s 54G of the Income Tax Act. The assessee, a partner in...

Section-45(4) of the Act mandates the assessee firm to be liable for capital gain tax arising out of the transfer of its asset to the retiring partner even in the...

Capital gain u/s 45(4) in partnership firm on retirement of a partner - Section 45(4) would not be attracted on the retirement of partners and consequential allotment of...

Recovery of tax dues of the partnership firm from the retired Partner - it is apparent that the Department could not have proceeded against the appellant for realisation...

Characterization of interest income from the partnership firm as business income - Presumptive income @8% u/s 44AD - Interest and salary received by the assessee from...

When a partner retires from the firm and receives share of amount calculated on the value of partnership asset including goodwill of the firm, there is no transfer of...

Imposition of penalty - If any liability arises against the partnership firm i.e. shifted on partners of partnership firm in the sharing ratio of the partners,...

Quick Updates: