https://www.taxtmi.com/caselaws?id=116667 The Tribunal found that the firm became functionally defunct after discontinuing its business and distributing assets among partners, leading to its dissolution. The Tribunal upheld the revenue's position, confirming the dissolution of the firm and the distribution of assets, thereby making the firm liable for capital gains tax. The Assessing Officer was directed to verify whether depreciation was claimed, and if not, the gains should be treated as long-term capital gains. The Tribunal dismissed the appeal filed in the status of AOP, confirming that rental income should be assessed in the hands of individual co-owners. en-us Thu, 29 Apr 2004 00:00:00 +0530 Thu, 14 Jun 2012 16:12:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=116667 The Tribunal found that the firm became functionally defunct after discontinuing its business and distributing assets among partners, leading to its dissolution. The Tribunal upheld the revenue's position, confirming the dissolution of the firm and the distribution of assets, thereby making the firm liable for capital gains tax. The Assessing Officer was directed to verify whether depreciation was claimed, and if not, the gains should be treated as long-term capital gains. The Tribunal dismissed the appeal filed in the status of AOP, confirming that rental income should be assessed in the hands of individual co-owners. Case-Laws Income Tax Thu, 29 Apr 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=116667