Taxability of amount withdrawn by the partner from the firm - ...

Partner's Withdrawal Not Taxable as Capital Gain Without Asset Transfer; Extinguishment of Rights Isn't a Taxable Event.

May 9, 2016

Case Laws Income Tax AT

Taxability of amount withdrawn by the partner from the firm - there was no transfer of assets on extinguishment of right of the assessee partner merely on introduction of new partner in the firm. Accordingly amount withdrawn by the assessee partner was not liable to tax as capital gain - AT

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Taxability of amount withdrawn by the partner from the firm - ...

Partner's Withdrawal Not Taxable as Capital Gain Without Asset Transfer; Extinguishment of Rights Isn't a Taxable Event.

May 9, 2016

Case Laws Income Tax AT

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