https://www.taxtmi.com/caselaws?id=371697 The court determined that the partnership firm was the absolute owner of a theatre as per the partnership deed, dismissing claims by former partners. Section 45(4) of the Income Tax Act was deemed applicable, holding the firm liable for tax on the sale consideration. The court supported reliance on the Sub-Registrar's report for fair market value determination. Tax liability on the sale consideration rested solely with the firm, not former partners. The tax levy on plant and furniture not part of the sale was upheld. The judgment favored the revenue, affirming the Tribunal's decision on all issues. en-us Wed, 28 Nov 2018 00:00:00 +0530 Wed, 22 May 2019 12:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=371697 The court determined that the partnership firm was the absolute owner of a theatre as per the partnership deed, dismissing claims by former partners. Section 45(4) of the Income Tax Act was deemed applicable, holding the firm liable for tax on the sale consideration. The court supported reliance on the Sub-Registrar's report for fair market value determination. Tax liability on the sale consideration rested solely with the firm, not former partners. The tax levy on plant and furniture not part of the sale was upheld. The judgment favored the revenue, affirming the Tribunal's decision on all issues. Case-Laws Income Tax Wed, 28 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=371697