https://www.taxtmi.com/caselaws?id=66016 The ITAT Hyderabad-A determined that the firm was dissolved from the assessment year 1975-76, leading to the assessment being made in the status of a Body of Individuals for taxation purposes. The capital gains from asset sales were also to be taxed in the hands of individual partners rather than as an Association of Persons. The court emphasized the dissolution of the firm under the Indian Partnership Act, 1932, and rejected the status of an unregistered firm or Association of Persons, opting for Body of Individuals status due to the lack of a common income-producing design. en-us Thu, 30 Apr 1987 00:00:00 +0530 Sat, 19 Feb 2011 18:26:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66016 The ITAT Hyderabad-A determined that the firm was dissolved from the assessment year 1975-76, leading to the assessment being made in the status of a Body of Individuals for taxation purposes. The capital gains from asset sales were also to be taxed in the hands of individual partners rather than as an Association of Persons. The court emphasized the dissolution of the firm under the Indian Partnership Act, 1932, and rejected the status of an unregistered firm or Association of Persons, opting for Body of Individuals status due to the lack of a common income-producing design. Case-Laws Income Tax Thu, 30 Apr 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66016