https://www.taxtmi.com/caselaws?id=7591 On dissolution of a partnership firm, a partner is entitled only to a share in the net partnership assets after realisation and discharge of liabilities, not to any specific asset. The partner's entitlement is ascertained as at the date of dissolution, and even an allotment of immovable property in final division is treated as satisfaction of that share rather than conferral of a proprietary interest in that property. Rule 7 governing a partner's share in an existing partnership did not change the character of the deceased partner's entitlement in a dissolved firm. The deceased partner's share was therefore treated as movable property for Estate Duty Act purposes, and the question was answered against the accountable person. en-us Mon, 24 Feb 1969 00:00:00 +0530 Mon, 02 Mar 2009 17:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7591 On dissolution of a partnership firm, a partner is entitled only to a share in the net partnership assets after realisation and discharge of liabilities, not to any specific asset. The partner's entitlement is ascertained as at the date of dissolution, and even an allotment of immovable property in final division is treated as satisfaction of that share rather than conferral of a proprietary interest in that property. Rule 7 governing a partner's share in an existing partnership did not change the character of the deceased partner's entitlement in a dissolved firm. The deceased partner's share was therefore treated as movable property for Estate Duty Act purposes, and the question was answered against the accountable person. Case-Laws Income Tax Mon, 24 Feb 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7591