Taxing the right person - land transaction done by the ...

Land Sale Taxed at Partnership Level, Not Individual Partners; Firm Bears Tax Responsibility for Transaction Proceeds.

March 18, 2019

Case Laws Income Tax AT

Taxing the right person - land transaction done by the partnership firm - assessment in the hands of partners or partnership firm - sale consideration received by partnership firm is reflected in their books of account and also offered for taxation - tax in the he hands of the individual partners as ultimate beneficiary is not permissible.

View Source

← Previous Next →

Taxing the right person - land transaction done by the ...

Land Sale Taxed at Partnership Level, Not Individual Partners; Firm Bears Tax Responsibility for Transaction Proceeds.

March 18, 2019

Case Laws Income Tax AT

You may also like:

Addition made on account of bad debt - It is nothing but the assessee is trying to enjoy the benefit of section 36(1)(vii) of the Act through back door, which is not...

Exemption u/s 10(26) - Exemption to individual members of Scheduled Tribes - Whether a partnership firm, formed by individual partners who are entitled to an exemption...

TDS credit - refund of TDS reflected in his Form-26AS - tax liability was created against the firm but crediting in the account of partner / individual - no dispute that...

Demand of service tax on partners services to partnership firm - separate identity - mutuality of services - there cannot be a service provider – service recipient...

Liability of service tax - appellants are partners of partnership firm and they received certain renumeration from the firm - The partner of a partnership firm is none...

Short term capital gain - capital gain arose from transfer of land to the partnership firm by way of capital contribution as the assets was converted to Fixed Capital...

In deposit of trading receipts of the firm in the bank account of the partner, the assessee has not violated any of the provisions of the Income Tax Act, even if it may...

The SC affirmed that property contributed by a partner to a partnership firm becomes firm property under Section 14 of the Partnership Act. In this case, the late Bhairo...

Rejection of registration of a partnership firm constituted by the petitioner - whether LLP can be treated as a person which can be permitted to form a partnership with...

Status of assessee as "AOP" instead of "partnership firm" - The assessee firm was comprised of four individual partners who were representing their respective firms -...

Short Term Capital Gain - conversion of the Partnership Firms into Companies - Additions in the hands of partners - CIT (Appeals) correctly deleted the additions 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...

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...

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,...

Levy of Service Tax - appellant is a partner and the service recipient is a partnership firm - the appellant is a partner performing some duties for which he has an...

Quick Updates: