COMMISSIONER OF INCOME-TAX versus SARASWATHI TALKIES
Exemption from capital gains In order to relinquish rights over capital assets, firms set up to conduct business exhibitions, due to conflicts between partners, account distribution and partnerships by some partners. Suit set up to dissolve, bargain on and deal with the deal, in the auction of the agreement filed before the court to settle the agreement allowing the partner to sell the partnership property through auction. , Dissolved by the executing firm in favor of the buyer and The property purchased by one of the partners in the redemption agreement was dissolved. The good of the compromised rule is that the gain transaction was a simple sale to realize the proceeds of the sale of the property, no large assets were distributed on speculation on dissolution. The firm is exempt from tax on capital gains generated on the sale. Is not entitled to Income Tax Act, 1961, Sections 2 (47) and 47 (II)
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