Capital gain - cost of acquisition of assets when partnership ...

Court Rules No New Tax Liability on Partnerships from Post-Filing Amendments; Cost of Acquisition Based on Succession Value.

August 5, 2019

Case Laws     Income Tax     AT

Capital gain - cost of acquisition of assets when partnership succeeded to company - Section 49 amended after filing of return - a new tax liability cannot be created by a subsequent amendment in respect of a transaction as well as the return of income filed when such law was not in the Statute book - cost of acquisition will be the value at which assets was booked at time of succession not the cost incurred by partnership firm

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