https://www.taxtmi.com/caselaws?id=10994 The High Court interpreted a decree regarding assets recovered in satisfaction of a loan, ruling that they were not to be treated as stock-in-trade but as part of a partnership dissolution. The court emphasized that assets should be distributed according to partnership dissolution rules. Additionally, the court held that partnership liabilities could not be set off in the computation of capital gains, following the Income-tax Act provisions. The decisions of the Assessing Officer and Tribunal were affirmed, with the court ruling in favor of the Revenue in both matters. en-us Thu, 19 Feb 2004 00:00:00 +0530 Wed, 29 Jul 2009 10:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10994 The High Court interpreted a decree regarding assets recovered in satisfaction of a loan, ruling that they were not to be treated as stock-in-trade but as part of a partnership dissolution. The court emphasized that assets should be distributed according to partnership dissolution rules. Additionally, the court held that partnership liabilities could not be set off in the computation of capital gains, following the Income-tax Act provisions. The decisions of the Assessing Officer and Tribunal were affirmed, with the court ruling in favor of the Revenue in both matters. Case-Laws Income Tax Thu, 19 Feb 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10994