Income from a dissolved firm is taxable when received, per Section 176(3A) and Section 189 of the Income Tax Act.

Income from a dissolved firm is taxable when received, per Section 176(3A) and Section 189 of the Income Tax Act. https://www.taxtmi.com/highlights?id=23605 Income received after dissolution of firm - the amount was assessable in the hands of the assessee-firm in the year of receipt despite dissolution and discontinuance of its business by virtue of sub- s. (3A) of s. 176 r/w s. 189 - Nowhere it is the case of AO that the said sum belong to the period during which the assessee firm was in existence and carried out its business. - AT en-us Thu, 02 Jul 2015 07:04:17 +0530 Thu, 02 Jul 2015 07:04:17 +0530 TaxTMI RSS Generator Income from a dissolved firm is taxable when received, per Section 176(3A) and Section 189 of the Income Tax Act. https://www.taxtmi.com/highlights?id=23605 Income received after dissolution of firm - the amount was assessable in the hands of the assessee-firm in the year of receipt despite dissolution and discontinuance of its business by virtue of sub- s. (3A) of s. 176 r/w s. 189 - Nowhere it is the case of AO that the said sum belong to the period during which the assessee firm was in existence and carried out its business. - AT Highlights Income Tax Thu, 02 Jul 2015 07:04:17 +0530 https://www.taxtmi.com/highlights?id=23605